LA to make sure air filters are being installed in homes near freeways

Pittsburgh Tribune-Review - 8 August 2017 - 9:36pm
Traffic is backed up for miles following a deadly highway crash on Interstate 10 in Fontana, Calif., Friday, Aug. 4, 2017." src = "$daE2N3K4ZzOUsqbU5sYtIEn02btV_WioaEkrKvHzwWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
LOS ANGELES - Mayor Eric Garcetti has ordered Los Angeles building inspectors to begin tracking whether required air filtration systems are being installed in new ...
Categories: State

Franklin Regional seeks to create modern spaces for students

Pittsburgh Tribune-Review - 8 August 2017 - 9:36pm
The Franklin Regional school board." src = "$DM$daE2N3K4ZzOUsqbU5sYsrh4hgOSCunf4vpebOaZYwWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
Architects are moving ahead with plans for the new Franklin Regional elementary campus off Sardis Road and will present regular updates at district school board ...
Categories: State

Pittsburgh police nab ‘person of interest’ in Terrace Village slaying

Pittsburgh Tribune-Review - 8 August 2017 - 9:15pm
" src = "$daE2N3K4ZzOUsqbU5sYt7meZ5mw8V1qyxFrC6IDeHWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
Pittsburgh police are investigating a fatal shooting in the city’s Terrace Village neighborhood and have a “person of interest” in custody. The Allegheny County Medical ...
Categories: State

Weaker Franklin crosses Yucatan, aims for Mexico mainland

Pittsburgh Tribune-Review - 8 August 2017 - 9:06pm
Soldiers stand in the rain next to letters spelling out the town name Mahahual as they prepare for the arrival of Tropical Storm Franklin in Mahahual, Quintana Roo state, Mexico, Monday, Aug. 7, 2017. " src = "$v8$daE2N3K4ZzOUsqbU5sYsp8L6T1DFshzmH3UzL8VFCWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
MEXICO CITY — A weakened Tropical Storm Franklin emerged over the Bay of Campeche early Tuesday evening after crossing the Yucatan Peninsula on a path ...
Categories: State

Home run king Bonds wishes he played 1 more year

Pittsburgh Tribune-Review - 8 August 2017 - 9:03pm
Barry Bonds talks to the GIants' Pablo Sandoval during batting practice before a game against the Cubs at AT&T Park on Aug. 7, 2017 in San Francisco." src = "$daE2N3K4ZzOUsqbU5sYtk$_$E$TEml_FnN8hVXGunWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
SAN FRANCISCO — Barry Bonds so badly wanted to play one final season. On the 10th anniversary of breaking baseball’s all-time home run mark, Bonds ...
Categories: State

Penn State the underdog? It’s possible in Big Ten East

Pittsburgh Tribune-Review - 8 August 2017 - 9:00pm
FILE - In this Jan. 2, 2017, file photo, Penn State Nittany Lions running back Saquon Barkley (26) looks for room to run against the USC Trojans during the first half of the Rose Bowl NCAA college football game, in Pasadena, Calif. Defending Big Ten champion Penn State returns a Heisman Trophy candidate at running back and a record-setting quarterback, and the Nittany Lions generally are regarded as one of the 10 best teams in the country. (AP Photo/Doug Benc, File)" src = "$daE2N3K4ZzOUsqbU5sYu2MOkYJCKPWa7e2MqLA7UeWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
Defending Big Ten champion Penn State returns a Heisman Trophy candidate at running back and a record-setting quarterback, and the Nittany Lions generally are regarded ...
Categories: State

Earth, Wind & Fire take to the road with hits — and sadness

Pittsburgh Tribune-Review - 8 August 2017 - 9:00pm
In this Feb. 14, 2016 file photo, Verdine White (from left), Philip Bailey and Ralph Johnson of Earth, Wind and Fire perform at the 2016 Clive Davis Pre-Grammy Gala in Beverly Hills, Calif. Earth, Wind & Fire will hit the road this summer with the band Chic featuring Nile Rodgers." src = "$daE2N3K4ZzOUsqbU5sYuoVyWw6c2zF0K3UD0AVV4yWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
Earth, Wind & Fire is on the road this summer with some classic hits, a new touring partner and lingering heartache. The hits include “September,” ...
Categories: State

Honeybees bounce back

Pittsburgh Tribune-Review - 8 August 2017 - 9:00pm
A bee carries pollen from a wildflower along Calvary Hill Road near Hannastown. (Trib photo)" src = "$daE2N3K4ZzOUsqbU5sYvWergdChbpIAUk0EGDQmmXWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
There’s some buzz-worthy news from the U.S. Department of Agriculture about America’s struggling honeybees: This year, their numbers are up, and fewer honeybee deaths are ...
Categories: State

Peacefulness from property rights

Pittsburgh Tribune-Review - 8 August 2017 - 9:00pm
This home was under construction last June in Miami Springs, Fla. Property rights, including those that come with owning a home, are key to settling disputes peacefully. (AP Photo/Alan Diaz)" src = "$JtjNRaHrbfY7tPM$daE2N3K4ZzOUsqbU5sYvm6BbSUU8V5M4hXyiGjv50WCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
We humans are social creatures. We come together in large numbers not only face to face — think cities — but in networks of globe-spanning ...
Categories: State

Quartet of chefs serving it up in Strip District’s Smallman Galley

Pittsburgh Tribune-Review - 8 August 2017 - 9:00pm
Red pie from Iron Born" src = "$daE2N3K4ZzOUsqbU5sYtycnivvaTNZIYhWkzQR07SWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
The new class of chefs at the Strip District’s Smallman Galley is really bringing it. The quartet of restaurants has only been opened for a ...
Categories: State

Dining News: Chambersburg peaches featured on Juniper Grill menu

Pittsburgh Tribune-Review - 8 August 2017 - 9:00pm
Juniper Grill's peach pie is served in the signature cast iron skillet." src = "$daE2N3K4ZzOUsqbU5sYutJQe7KKGMTwi1m5Rs_OplWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
Juniper Grill, with locations in Murrysville, Cranberry and Peters, is featuring fresh Chambersburg peaches with several seasonal menu items. Selections include peach salsa, peach sangria, ...
Categories: State

Duty to fight poverty

Pittsburgh Tribune-Review - 8 August 2017 - 9:00pm
After reading Donald J. Boudreaux’s column “Arrogant men & women ‘of system’,” it is important to note the poverty in developing countries and our nation’s ...
Categories: State

Good for Clarion U., system

Pittsburgh Tribune-Review - 8 August 2017 - 9:00pm
The faculty union’s immediate response to Clarion University of Pennsylvania President Karen Whitney’s selection to serve as interim chancellor of Pennsylvania’s State System of Higher ...
Categories: State

Shaler North Hills Library to host 9th annual car cruise

Pittsburgh Tribune-Review - 8 August 2017 - 9:00pm
A 1976 Cadillac Eldorado at the car cruise at the Shaler North Hills Library in 2014." src = "$ueBfWPkcfYg6UM$daE2N3K4ZzOUsqbU5sYvdMj_49TGju2hYnuDeQ5dxWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
The Shaler North Hills Library is staying true to its slogan of offering “books … and so much more” by hosting its ninth annual car ...
Categories: State

What follows the coup?

Pittsburgh Tribune-Review - 8 August 2017 - 9:00pm
Special counsel Robert Mueller departs after a closed-door meeting with members of the Senate Judiciary Committee about Russian meddling in the presidential election and possible connection to the Trump campaign. (AP Photo)" src = "$daE2N3K4ZzOUsqbU5sYs2g$fRX_qQAEvBgjhSbaQGWCsjLu883Ygn4B49Lvm9bPe2QeMKQdVeZmXF$9l$4uCZ8QDXhaHEp3rvzXRJFdy0KqPHLoMevcTLo3h8xh70Y6N_U_CryOsw6FTOdKL_jpQ-&CONTENTTYPE=image/jpeg">
That the Trump presidency is bedeviled is undeniable. As President Donald Trump flew off for August at his Jersey club, there came word that Special ...
Categories: State

VAALCO Energy, Inc. Announces Second Quarter 2017 Results

Oil - 8 August 2017 - 8:55pm

HOUSTON, Aug. 08, 2017 (GLOBE NEWSWIRE) -- VAALCO Energy, Inc. (NYSE:EGY) today reported operational and financial results for the second quarter 2017.

Second Quarter 2017 and recent key items:

  • Reported income from continuing operations of $2.5 million or $0.04 earnings per share for the second quarter of 2017, compared with a loss from continuing operations of $0.5 million or a loss of $0.01 per share in the same period in 2016
  • Generated operating income of $5.6 million in the second quarter of 2017, up 21% compared with $4.6 million in the same period in 2016
  • Grew Adjusted EBITDAX to $8.6 million, up 11% from $7.7 million in the second quarter of 2016
  • Produced an average of 4,363 barrels of oil per day (BOPD) in the second quarter of 2017, at the high end of the guidance range of 4,100 to 4,400 BOPD
  • Completed the planned 2017 maintenance turnaround with no environmental or safety issues in July 2017

For the second quarter of 2017, VAALCO reported income from continuing operations of $2.5 million, or $0.04 per diluted share. In the same period in 2016, the Company reported a loss from continuing operations of $0.5 million, or a loss of $0.01 per diluted share, and in the first quarter of 2017 reported income from continuing operations of $4.4 million, or $0.07 earnings per diluted share.  The average realized price for crude oil in the second quarter of 2017 was $46.83 per barrel, up 15% from $40.79 per barrel in the second quarter of 2016.  In the first quarter of 2017, the average realized price for crude oil was $51.99 per barrel. Adjusted EBITDAX totaled $8.6 million in the second quarter of 2017 compared with $7.7 million in the same period of 2016, and $10.4 million in the first quarter of 2017.

Adjusted EBITDAX is a Non-GAAP financial measure and is described and reconciled to net income (loss) in the attached table under “Non-GAAP Financial Measures.”

Cary Bounds, VAALCO’s Chief Executive Officer commented: “We remain focused on delivering strong operational and financial results, and I am pleased with our second quarter earnings. We reported earnings per share of $0.04, generated strong operating results and production rates came in at the high end of our guidance range. Our focus in 2017 is to maximize margins through operational excellence and execute on our corporate strategy. As we look to the future, we remain confident in the development opportunities on our offshore Gabon asset, and we are seeking similar growth opportunities in West Africa, where we can leverage our strong operational and technical expertise.”

Gabon and Equatorial Guinea

In the second quarter of 2017, production decreased to 4,363 BOPD compared with 4,622 BOPD in the first quarter of 2017 primarily due to natural decline. 

On July 18, the electrical submersible pump (ESP) in the South Tchibala 2-H well failed, resulting in the well being temporarily shut-in.  The well was producing approximately 1,300 barrels of oil per day gross, or 350 barrels of oil net to the Company, prior to being shut-in.  VAALCO is working to mobilize a hydraulic workover unit to move onto the Avouma platform and replace the ESP system in the well, which is expected to be back on production by the fourth quarter 2017. The Company successfully utilized a hydraulic workover unit to replace the ESP in the well late last year at a significantly lower cost rather than mobilizing a jackup rig.  As a result of recent diagnostic work, the Company believes it has determined the cause of the 2016 ESP failures in this well, and a newly designed pair of ESPs will be installed in the South Tchibala 2-H well during the upcoming workover operation. VAALCO is currently evaluating performing one to two additional workovers in conjunction with the South Tchibala 2-H workover to replace the ESPs.

During July 2017, VAALCO completed its planned 2017 maintenance turnaround for the Etame Marin FPSO and four platforms.  The entire work scope was successfully completed with no environmental or safety issues.  The field was shut-in for nine days during the turnaround and is now back on production. The results of the maintenance and inspection work confirmed the Company’s asset integrity programs continue to be effective.  The next turnaround will be in 2018.

The Company continues to examine alternative, lower cost development options for discoveries in the Mutamba Iroru permit onshore Gabon, and in Block P offshore Equatorial Guinea. These discoveries present unique development opportunities that will be re-evaluated as prices continue to recover.

Discontinued Operations – Angola

The small loss of $0.2 million from discontinued operations for this quarter related to ongoing administrative costs.  In the second quarter of 2016, there was a minimal loss of $20 thousand from discontinued operations, or $0.00 loss per diluted share.  Since September 2016, the Company has reflected an accrual of $15.0 million for a potential payment which represents what VAALCO believes to be the maximum potential amount attributable to VAALCO Angola’s interest under the Block 5 PSA. The Company is in active discussions with representatives from Sonangol E.P. regarding this potential payment and other possible solutions and believe that the ultimate amount paid will be substantially less than the accrued amount.

Sale of U.S. Properties

On October 17, 2016, the Company signed a letter of intent to sell its entire acreage interests in the East Poplar Unit in Montana for $250,000 and the assumption of asset retirement obligations.  The transaction closed on April 3, 2017.

2017 Second Quarter Financial Results

Total oil and natural gas sales for the second quarter of 2017 were $20.4 million, compared to $18.8 million for the same period in 2016, and $21.3 million in the first quarter of 2017. During the second quarter of 2017, VAALCO sold approximately 414,000 net barrels of oil at an average price of $46.83 per barrel, compared to 436,000 net barrels at an average price of $40.79 per barrel in the second quarter of 2016. Second quarter 2017 revenue was positively impacted by the increase in realized pricing which was offset in part by a decrease in sales volumes compared to the same period in 2016.

Costs and Expenses

Total production expense, excluding workovers, was $9.7 million, or $23.41 per barrel of oil equivalent (BOE) of sales, in the second quarter of 2017, compared to $8.0 million, or $18.16 per BOE of sales, in the second quarter of 2016, and $8.1 million, or $20.44 per BOE of sales in the first quarter of 2017. The second quarter of 2017 costs, excluding workovers, were higher than the second quarter of 2016 primarily due to VAALCO’s increased ownership interest as a result of the November 2016 Sojitz acquisition, costs associated with certain regulatory requirements and FPSO cost escalation. 

Depreciation, depletion and amortization (DD&A) expense was $2.0 million, or $4.76 per BOE of sales in the three months ended June 30, 2017 compared to $1.9 million, or $4.39 per BOE in the comparable period in 2016, and $1.9 million, or $4.74 per BOE in the first quarter of 2017. 

General and administrative (G&A) expense for the three months ended June 30, 2017 was $3.0 million, or $7.36 per BOE, as compared to $4.0 million, or $9.06 per BOE in the three months ended June 2016, and $3.1 million, or $7.94 per BOE in the first quarter of 2017. General and administrative expense includes $0.6 million, $1.0 million, and $0.2 million of non-cash compensation expense for the quarters ended June 30, 2017, June 30, 2016, and March 31, 2017.

Income tax expense for the second quarter of 2017 was $3.1 million compared to $3.0 million for the same period in 2016, and $3.2 million in the first quarter of 2017.  The increase in tax compared to the same period a year ago is primarily attributable to higher revenues from the Company’s operations in Gabon.


In order to limit VAALCO’s commodity price risk, in 2016 the Company purchased crude oil puts for part of its 2017 volume. As of June 30, 2017, VAALCO had unexpired crude oil put contracts covering 360,000 barrels of anticipated sales volumes for the period from July 2017 through December 31, 2017 at a weighted average price of $50.00. The Company recorded a non-cash mark-to-market gain of $0.1 million related to the puts during the second quarter of 2017 which was included in “Other, net” in the Condensed Consolidated Statements of Operations. The Company has not entered into additional derivative contracts since June 30, 2017.

Capital Investments/Balance Sheet

During the three months ended June 30, 2017, VAALCO invested approximately $0.3 million in capital expenditures on a cash basis, primarily for equipment and enhancements. The Company has no material commitments for capital expenditures for the balance of 2017.

At the end of the second quarter, VAALCO had an unrestricted cash balance of $20.6 million.  This does not include an additional $0.8 million in restricted cash (related primarily to deposits in Gabon) classified as current assets or the additional $0.9 million of restricted cash classified as long term.

At June 30, 2017, debt, net of deferred financing costs, totaled $13.0 million, of which $8.3 million was classified as current, reflecting the repayment terms of the loan agreement with the IFC.

Conference Call

As previously announced, the Company will hold a conference call to discuss its second quarter financial and operating results August 9th, 2017, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Interested parties may participate by dialing (844) 841-1668.  International parties may dial (661) 378-9859.  The confirmation code is 61829267.  This call will also be webcast on VAALCO’s website at

An audio replay will be available beginning approximately two hours after the end of the call and be available through August 14, 2017 by dialing (855) 859-2056.  International parties may dial (404) 537-3406. The confirmation code is 61829267.

Forward Looking Statements

This document includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  All statements, other than statements of historical facts, included in this document that address activities, events, plans, expectations, objectives or developments that VAALCO expects, believes or anticipates will or may occur in the future are forward-looking statements.  These statements may include amounts due in connection with the Company’s withdrawal from Angola, expected sources of future capital funding and future liquidity, future operating losses, future changes in oil and natural gas prices, future strategic alternatives, capital expenditures, future drilling plans, prospect evaluations, negotiations with governments and third parties including with the government of the Republic of Gabon in connection with a revised production sharing contract, expectations regarding processing facilities, reserve growth, and other issues related to our exit from Angola.  These statements are based on assumptions made by VAALCO based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.  Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond VAALCO's control.  These risks include, but are not limited to, oil and gas price volatility, inflation, general economic conditions, the Company's success in discovering, developing and producing reserves, decisions by our current lender or future lenders, the risks associated with liquidity, the risk that our negotiations with the governments of the Republic of Gabon and the Republic of Angola will be unsuccessful, lack of availability of goods, services and capital, environmental risks, drilling risks, foreign regulatory and operational risks, and regulatory changes.  These and other risks are further described in VAALCO's annual report on Form 10-K for the year ended December 31, 2016 and quarterly report on Form 10-Q for the quarter ended June 30, 2017, which will be filed shortly, and other reports filed with the SEC which can be reviewed at, or which can be received by contacting VAALCO at 9800 Richmond Avenue, Suite 700, Houston, Texas 77042, (713) 623-0801.  Investors are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.  VAALCO disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.


VAALCO Energy, Inc. is a Houston, Texas based independent energy company principally engaged in the acquisition, exploration, development and production of crude oil. VAALCO’s strategy is to increase reserves and production through the development and exploitation of international oil and natural gas properties. The Company's properties and exploration acreage are located primarily in Gabon and Equatorial Guinea in West Africa.

Investor Contact

Phil Patman    713-623-0801

VAALCO ENERGY, INC AND SUBSIDIARIESCondensed Consolidated Balance Sheets (Unaudited)(in thousands, except share and per share amounts)   June 30, December 31,  2017  2016 ASSETS      Current assets:      Cash and cash equivalents $20,640  $20,474 Restricted cash  802   741 Receivables:      Trade  8,062   6,751 Accounts with partners, net of allowance  978   3,297 Other, net of allowance  1   120 Crude oil inventory  952   913 Prepayments and other  4,392   4,040 Current assets - discontinued operations  2,578   2,139 Total current assets  38,405   38,475 Property and equipment - successful efforts method:      Wells, platforms and other production facilities  389,192   389,231 Undeveloped acreage  10,000   10,000 Equipment and other  10,283   9,779    409,475   409,010 Accumulated depreciation, depletion and amortization  (384,209)  (380,991)Net property and equipment  25,266   28,019 Other noncurrent assets:      Restricted cash  918   918 Value added tax and other receivable, net of allowance  6,044   5,110 Abandonment funding  8,510   8,510 Total assets $79,143  $81,032 LIABILITIES AND SHAREHOLDERS' EQUITY      Current liabilities:      Accounts payable $14,968  $19,096 Accrued liabilities and other  9,568   10,506 Current portion of long-term debt  8,333   7,500 Accounts with partners  291   - Current liabilities - discontinued operations  15,186   18,452 Total current liabilities  48,346   55,554 Asset retirement obligations  18,947   18,612 Other long term liabilities  283   284 Long-term debt, excluding current portion  4,642   6,940 Total liabilities  72,218   81,390 Commitments and contingencies      Shareholders’ equity (deficit):      Preferred stock, none issued, 500,000 shares authorized, $25 par value  -   - Common stock, 66,348,910 and  66,109,565 shares issued,
$0.10 par value, 100,000,000 shares authorized  6,635   6,611 Additional paid-in capital  70,985   70,268 Less treasury stock, 7,555,095 shares at cost  (37,933)  (37,933)Retained deficit  (32,762)  (39,304)Total shareholders' equity (deficit)  6,925   (358)Total liabilities and shareholders' equity (deficit) $79,143  $81,032 

VAALCO ENERGY, INC AND SUBSIDIARIESConsolidated Statements of Operations(Unaudited)(in thousands, except per share amounts)   Three Months Ended  June 30, 2017 June 30, 2016 March 31, 2017Revenues:         Oil and gas sales $20,425  $18,847  $21,266 Operating costs and expenses:         Production expense  9,866   7,341   7,946 Exploration expense  -   2   - Depreciation, depletion and amortization  1,970   1,942   1,869 General and administrative expense  3,049   4,004   3,127 Other operating expense  -   754   - General and administrative related to shareholder matters  -   18   15 Bad debt expense and other  183   171   98 Total operating costs and expenses  15,068   14,232   13,055 Other operating income (loss), net  230   -   (63)Operating income  5,587   4,615   8,148 Other income (expense):         Interest expense, net  (378)  (1,470)  (403)Other, net  338   (642)  (116)Total other income (expense)  (40)  (2,112)  (519)Income from continuing operations before income taxes  5,547   2,503   7,629 Income tax expense  3,096   3,001   3,194 Income (loss) from continuing operations  2,451   (498)  4,435 Loss from discontinued operations, net of tax  (168)  (20)  (176)Net income (loss) $2,283  $(518) $4,259           Basic net income (loss) per share         Income (loss) from continuing operations $0.04  $(0.01) $0.07 Income (loss) from discontinued operations  (0.00)  (0.00)  (0.00)Net income (loss) $0.04  $(0.01) $0.07 Basic weighted average shares outstanding  58,658   58,464   58,567 Diluted net income (loss) per share         Income (loss) from continuing operations $0.04  $(0.01) $0.07 Income (loss) from discontinued operations  (0.00)  (0.00)  (0.00)Net income (loss) $0.04  $(0.01) $0.07 Basic weighted average shares outstanding  58,658   58,464   58,580 

VAALCO ENERGY, INC AND SUBSIDIARIESConsolidated Statements of Cash Flows(Unaudited)(in thousands)   Six Months Ended  June 30, 2017 June 30, 2016CASH FLOWS FROM OPERATING ACTIVITIES:      Net income (loss) $6,542  $(8,142)Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:      Loss (income) from discontinued operations  344   (7,786)Depreciation, depletion and amortization  3,839   4,180 Other amortization  201   1,076 Unrealized foreign exchange gain  (580)  (102)Stock-based compensation  783   1,434 Commodity derivatives loss  50   578 Bad debt provision  281   514 Other operating income, net  (167)  (18)Change in operating assets and liabilities:      Trade receivables  (1,314)  (2,010)Accounts with partners  2,610   9,043 Other receivables  58   (52)Crude oil inventory  (39)  (65)Value added tax and other receivable  (1,130)  (1,236)Prepayments and other  395   (334)Accounts payable  (4,274)  (11,591)Accrued liabilities and other  (977)  144 Net cash provided by (used in) continuing operating activities  6,622   (14,367)Net cash provided by (used in) discontinued operating activities  (4,049)  15,996 Net cash provided by operating activities  2,573   1,629 CASH FLOWS FROM INVESTING ACTIVITIES:    (Increase) decrease in restricted cash  (61)  265 Acquisitions  64   - Property and equipment expenditures  (1,032)  (10,448)Proceeds from the sale of oil and gas properties  250   - Premiums paid  -   (824)Net cash used in continuing investing activities  (779)  (11,007)Net cash used in discontinued investing activities  -   (2,221)Net cash used in investing activities  (779)  (13,228)CASH FLOWS FROM FINANCING ACTIVITIES:    Proceeds from the issuances of common stock  38   - Borrowings  4,167   - Debt repayment  (5,833)  - Debt issuance costs  -   (77)Net cash used in continuing financing activities  (1,628)  (77)Net cash provided by discontinued financing activities  -   - Net cash used in financing activities  (1,628)  (77)NET CHANGE IN CASH AND CASH EQUIVALENTS  166   (11,676)CASH AND CASH EQUIVALENTS:
      BEGINNING OF PERIOD  20,474   25,357 END OF PERIOD $20,640  $13,681 

VAALCO ENERGY, INC AND SUBSIDIARIESSelected Financial and Operating Statistics(Unaudited)    Three Months Ended  June 30, 2017 June 30, 2016 March 31, 2017NET SALES DATA:         Oil (MBbls)  414  436  394Natural Gas (MMcf)  -  35  -Oil equivalents (MBOE)  414  442  394Average daily sales volumes (BOE/day)  4,549  4,857  4,378NET PRODUCTION DATA         Oil (MBbls)  397  430  416Natural Gas (MMcf)  -  35  -Oil equivalents (MBOE)  397  436  416Average daily production volumes (BOE/day)  4,363  4,796  4,622AVERAGE SALES PRICES:         Oil ($/Bbl) $46.83 $40.79 $51.99Natural Gas ($/Mcf)  0.00  1.64  0.00Weighted average price ($/BOE)  46.83  40.14  51.99COSTS AND EXPENSES (PER BOE OF SALES):         Production expense $23.83 $16.61 $20.17Production expense, excluding workovers*  23.41  18.16  20.44Depreciation, depletion and amortization  4.76  4.39  4.74General and administrative expense**  7.36  9.06  7.94Property and equipment expenditures, cash basis $264 $8,965 $768 *Workover costs excluded from the three months ended June 30, 2017, June 30, 2016 and March 31, 2017 are $0.2 million, ($0.7) million and ($0.1)  million.  **General and administrative expenses include $1.52, $2.29 and $0.39 per BOE of non-cash stock-based compensation expense in the three months ended June 30, 2017, June 30, 2016 and March 31, 2017. 


Adjusted EBITDAX is a supplemental non-GAAP financial measure used by VAALCO’s management and by external users of the Company’s financial statements, such as industry analysts, lenders, rating agencies, investors and others who follow the industry as an indicator of the Company’s ability to internally fund exploration and development activities and to service or incur additional debt. Adjusted EBITDAX is a non-GAAP financial measure and as used herein represents net income before discontinued operations, interest income (expense) net, income tax expense, depletion, depreciation and amortization, impairment of proved properties, exploration expense, non-cash and other items including stock compensation expense and commodity derivative loss.

Adjusted EBITDAX has significant limitations, including that it does not reflect the Company’s cash requirements for capital expenditures, contractual commitments, working capital or debt service. Adjusted EBITDAX should not be considered as a substitute for net income (loss), operating income (loss), cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDAX excludes some, but not all, items that affect net income (loss) and operating income (loss) and these measures may vary among other companies. Therefore, the Company’s Adjusted EBITDAX may not be comparable to similarly titled measures used by other companies.

The table below reconciles the most directly comparable GAAP financial measures to Adjusted EBITDAX.

VAALCO ENERGY, INC AND SUBSIDIARIESReconciliations of Non-GAAP Measures(Unaudited)(in thousands) Reconciliation of Net income (loss) to Adjusted         EBITDAX Three Months Ended  June 30, 2017 June 30, 2016 March 31, 2017Net income (loss) $2,283  $(518)  4,259Add back:         Impact of discontinued operations  168   20   176Interest (income) expense, net  378   1,470   403Income tax expense  3,096   3,001   3,194Depreciation, depletion and amortization  1,970   1,942   1,869Exploration expense  -   2   -Non-cash or unusual items:         Stock-based compensation  629   1,014   154Shareholder matters  -   18   15Commodity derivative loss (gain)  (130)  578   180Equipment write-offs  -   -   63Bad debt expense  183   171   98          Adjusted EBITDAX $8,577  $7,698  $10,411


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