VAALCO Energy (EGY) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Document Information [Line Items]
Entity Central Index Key	0000894627
Entity Registrant Name	VAALCO ENERGY INC /DE/
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-32167
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0274813
Entity Address, Address Line One	9800 Richmond Avenue
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77042
City Area Code	713
Local Phone Number	623-0801
Title of 12(b) Security	Common Stock
Trading Symbol	EGY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		106,772,598

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023		Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 52,119		$ 37,205
Restricted cash	76		222
Receivables:
Trade, net	30,795		52,147
Accounts with joint venture owners, net of allowance for credit losses of $0.3 million in both periods presented	25		15,830
Foreign income taxes receivable	0		2,769
Other, net of allowance for credit losses of $3.5 and $0.0 million, respectively	67,157		68,519
Crude oil inventory	11,778		3,335
Prepayments and other	17,424		20,070
Total current assets	179,374		200,097
Crude oil and natural gas properties, equipment and other - successful efforts method, net	499,953		495,272
Other noncurrent assets:
Restricted cash	1,771		1,763
Value added tax and other receivables, net of allowance of $9.0 million and $8.4 million, respectively	8,026		7,150
Right of use operating lease assets	2,211		2,777
Right of use finance lease assets	91,198		90,698
Deferred tax assets	33,430		35,432
Abandonment funding	6,268		20,586
Other long-term assets	1,752		1,866
Total assets	823,983	[1]	855,641	[2]
Current liabilities:
Accrued liabilities and other	80,707		91,392
Operating lease liabilities - current portion	2,040		2,314
Finance lease liabilities - current portion	6,907		7,811
Foreign income taxes payable	5,424		0
Current liabilities - discontinued operations	673		687
Total current liabilities	148,831		162,090
Asset retirement obligations	42,327		41,695
Operating lease liabilities - net of current portion	367		686
Finance lease liabilities - net of current portion	80,470		78,248
Deferred tax liabilities	79,854		81,223
Other long-term liabilities	16,959		25,594
Total liabilities	368,808		389,536
Commitments and contingencies (Note 10)
Shareholders’ equity:
Preferred stock, $25 par value; 500,000 shares authorized, none issued	0		0
Common stock, $0.10 par value; 160,000,000 shares authorized, 120,116,106 and 119,482,680 shares issued, 107,318,214 and 107,852,857 shares outstanding, respectively	12,012		11,948
Additional paid-in capital	354,499		353,606
Accumulated other comprehensive income	1,054		1,179
Less treasury stock, 12,797,892 and 11,629,823 shares, respectively, at cost	(53,029)		(47,652)
Retained earnings	140,639		147,024
Total shareholders' equity	455,175		466,105
Total liabilities and shareholders' equity	823,983		855,641
Nonrelated Party [Member]
Current liabilities:
Accounts payable	49,982		59,886
Related Party [Member]
Current liabilities:
Accounts payable	$ 3,098		$ 0
[1]Includes assets acquired in the TransGlobe acquisition[2]Includes assets acquired in the Sasol acquisition

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Allowance for accounts with joint ventures	$ 300	$ 300
Allowance for other receivables	3,500	0
Allowance for value added tax and other receivables	$ 9,000	$ 8,400
Preferred stock, par value (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	500,000	500,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	160,000,000	160,000,000
Common stock, shares issued (in shares)	120,116,106	119,482,680
Common stock, shares outstanding (in shares)	107,318,214	107,852,857
Treasury stock, shares (in shares)	12,797,892	11,629,823

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Crude oil, natural gas and natural gas liquids sales	$ 80,403	$ 68,656
Operating costs and expenses:
Production expense	28,200	18,360
Exploration expense	8	127
Depreciation, depletion and amortization	24,417	4,673
General and administrative expense	5,224	4,994
Credit losses and other	935	492
Total operating costs and expenses	58,784	28,646
Other operating expense, net	0	(5)
Operating income	21,619	40,005
Other income (expense):
Derivative instruments gain (loss), net	21	(31,758)
Interest expense, net	(2,246)	(3)
Other expense, net	(1,140)	(696)
Total other expense, net	(3,365)	(32,457)
Income from continuing operations before income taxes	18,254	7,548
Income tax expense (benefit)	14,771	(4,628)
Income from continuing operations	3,483	12,176
Loss from discontinued operations, net of tax	(13)	(12)
Net income	3,470	12,164
Other comprehensive income (loss)
Currency translation adjustments	(125)	0
Comprehensive income	$ 3,345	$ 12,164
Basic net income per share:
Income from continuing operations (in dollars per share)	$ 0.03	$ 0.21
Loss from discontinued operations, net of tax (in dollars per share)	0	0
Net income per share (in dollars per share)	$ 0.03	$ 0.21
Basic weighted average shares outstanding (in shares)	107,387	58,702
Diluted net income per share:
Income from continuing operations (in dollars per share)	$ 0.03	$ 0.20
Loss from discontinued operations, net of tax (in dollars per share)	0	0
Net income per share (in dollars per share)	$ 0.03	$ 0.20
Diluted weighted average shares outstanding (in shares)	108,752	59,179

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Treasury Stock, Common [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2021							69,562	(10,939)
Balance at Dec. 31, 2021							$ 6,956	$ (43,847)	$ 76,700		$ 104,488	$ 144,297
Shares issued - stock-based compensation (in shares)							300	(64)
Shares issued - stock-based compensation							$ 30	$ 0	168		0	198
Stock-based compensation expense							0	$ 0	404		0	404
Treasury stock (in shares)								0
Treasury stock							0	$ (387)	0		0	(387)
Dividend Distributions											(1,929)	(1,929)
Net income							$ 0	$ 0	0	$ 0	12,164	12,164
Balance (in shares) at Mar. 31, 2022							69,862	(11,003)
Balance at Mar. 31, 2022							$ 6,986	$ (44,234)	77,272		114,723	154,747
Balance (in shares) at Dec. 31, 2022							119,483,000	(11,630,000)
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022	$ 0	$ 0	$ 0	$ 0	$ (3,120)	$ (3,120)
Balance at Dec. 31, 2022							$ 11,948	$ (47,652)	353,606	1,179	147,024	466,105
Shares issued - stock-based compensation (in shares)							633,000	(187,000)
Shares issued - stock-based compensation							$ 64	$ 0	210	0	0	274
Stock-based compensation expense							$ 0	$ 0	683	0	0	683
Common Shares Purchased (in shares)							0	(981,000)
Common Shares Purchased							$ 0	$ (4,517)	0	0	0	$ (4,517)
Treasury stock (in shares)								0				(981,000)
Treasury stock							0	$ (860)	0	0	0	$ (860)
Dividend Distributions											(6,735)	(6,735)
Other comprehensive loss							0	0	0	(125)	0	(125)
Net income							$ 0	$ 0	0	0	3,470	3,470
Balance (in shares) at Mar. 31, 2023							120,116,000	(12,798,000)
Balance at Mar. 31, 2023							$ 12,012	$ (53,029)	$ 354,499	$ 1,054	$ 140,639	$ 455,175

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 3,470	$ 12,164
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations, net of tax	13	12
Depreciation, depletion and amortization	24,417	4,673
Bargain purchase gain	1,412	0
Deferred taxes	2,471	(10,318)
Unrealized foreign exchange loss	512	116
Stock-based compensation	649	1,422
Cash settlements paid on exercised stock appreciation rights	(233)	(205)
Derivative instruments (gain) loss, net	(21)	31,758
Cash settlements paid on matured derivative contracts, net	(59)	(12,500)
Cash settlements paid on asset retirement obligations	(123)	0
Credit losses and other	935	492
Other operating loss, net	0	5
Operational expenses associated with equipment and other	(640)	240
Change in operating assets and liabilities:
Trade receivables	21,357	(22,152)
Accounts with joint venture owners	18,911	(6,652)
Other receivables	(2,309)	(1,723)
Crude oil inventory	(8,443)	(3,041)
Prepayments and other	983	(876)
Value added tax and other receivables	(1,361)	(1,076)
Other long-term assets	1,051	(1,452)
Accounts payable	(6,739)	(10,132)
Foreign income taxes receivable/payable	8,193	5,691
Deferred tax liability	(3,250)	0
Accrued liabilities and other	(19,177)	12,814
Net cash provided by (used in) continuing operating activities	42,019	(740)
Net cash used in discontinued operating activities	(13)	(18)
Net cash provided by (used in) operating activities	42,006	(758)
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment expenditures	(27,700)	(23,148)
Net cash used in continuing investing activities	(27,700)	(23,148)
Net cash used in discontinued investing activities	0	0
Net cash used in investing activities	(27,700)	(23,148)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuances of common stock	274	198
Dividend distribution	(6,735)	(1,929)
Treasury shares	(5,377)	(387)
Payments of finance lease	(1,701)	0
Net cash used in continuing financing activities	(13,539)	(2,118)
Net cash used in discontinued financing activities	0	0
Net cash used in financing activities	(13,539)	(2,118)
Effects of exchange rate changes on cash	(309)	0
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	458	(26,024)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	59,776	72,314	$ 72,314
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	60,234	46,290	$ 59,776
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized	1,488	0
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment additions incurred but not paid at end of period	39,584	26,113
Recognition of right-of-use finance lease assets and liabilities	$ 1,429	$ 1,851

Note 1 - Organization and Accou

Note 1 - Organization and Accounting Policies	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	1. ORGANIZATION AND ACCOUNTING POLICIES VAALCO Energy, Inc. (together with its consolidated subsidiaries “we”, “us”, “our”, “VAALCO” or the “Company”) is a Houston, Texas-based independent energy company engaged in the acquisition, exploration, development and production of crude oil, natural gas and natural gas liquids ("NGLs") properties. As operator, the Company has production operations and conducts exploration activities in Gabon and Canada and hold interests in two 3 The Company’s consolidated subsidiaries are VAALCO Gabon (Etame), Inc., VAALCO Production (Gabon), Inc., VAALCO Gabon S.A., VAALCO Angola (Kwanza), Inc., VAALCO Energy (EG), Inc., VAALCO Energy Mauritius (EG) Limited, VAALCO Energy, Inc. (UK Branch), VAALCO Energy (USA), Inc, VAALCO Energy (International), LLC, VAALCO Energy (Holdings), LLC, TransGlobe Energy Corporation, TG Energy UK Ltd, TransGlobe Petroleum International Inc., TG Holdings Yemen Inc., TransGlobe West Bakr Inc., TransGlobe West Gharib Inc., TG Energy Marketing Inc., and TG NW Gharib Inc., TG S Ghazalat Inc. These condensed consolidated financial statements are unaudited, but in the opinion of management, reflect all adjustments necessary for a fair presentation of results for the interim periods presented. All adjustments are of a normal recurring nature unless disclosed otherwise. Interim period results are not These condensed consolidated financial statements have been prepared in accordance with rules of the Securities and Exchange Commission (“SEC”) and do not 10 December 31, 2022, On October 5, 2022, 2 November 2022 December 2023. April 3, 2023, 1.2 December 2023 500 February 2023. 1.2 8 not The average Brent crude oil price for the three March 31, 2023 three March 31, 2022, June 30, 2022, September 30, 2022 December 31, 2022 During the year ended December 31, 2022 2023, While the current commodity price environment is still favorable and the Company has not 19 may Principles of consolidation Use of estimates Estimates of crude oil, natural gas and NGLs reserves used to estimate depletion expense and impairment charges require extensive judgments and are generally less precise than other estimates made in connection with financial disclosures. Due to inherent uncertainties and the limited nature of data, estimates are imprecise and subject to change over time as additional information becomes available. Cash and cash equivalents three may not not Restricted cash and abandonment funding March 31, 2023 2022 March 31, 2023 2022 10 As of March 31, 2023 2022 (in thousands) Cash and cash equivalents $ 52,119 $ 18,939 Restricted cash - current 76 4,230 Restricted cash - non-current 1,771 1,752 Abandonment funding 6,268 21,369 Total cash, cash equivalents and restricted cash $ 60,234 $ 46,290 The Company conducts regular abandonment studies to update the estimated costs to abandon the offshore wells, platforms and facilities on the Etame Marin block. This cash funding is reflected under “Other noncurrent assets” as “Abandonment funding” on the unaudited condensed consolidated balance sheets. Future changes to the anticipated abandonment cost estimate could change the asset retirement obligation and the amount of future abandonment funding payments. See Note 10 On February 28, 2019, one six not not 2019 2022 2018 January 12, 2023, 2019. In the first 2023, March 2023. The Company is working with Directorate of Hydrocarbons in Gabon on establishing a payment schedule to resume funding of the abandonment fund in compliance with the Etame PSC. Accounts with joint venture owners , net Accounts Receivable, net Other receivables, net 2021, not third March 31, 2023 228 195 second 2022 32.5 March 2023. On January 19, 2022, February 1, 2020. fourth 2022, March 31, 2023, For credit losses associated with other receivables, see Value added tax and other receivables, net As of March 31, 2023, March 31, 2023, $1.00. December 31, 2022, December 31, 2022, $1.00. Allowance for credit losses and other January 1, 2023, 2016 13, 2016 13” 2016 13 The Company estimates the current expected credit losses based primarily using an either an aging analysis or discounted cash flow methodology that incorporates consideration of current and future conditions that could impact its counterparties’ credit quality and liquidity. Uncollectible receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when the Company has determined that the balance will not The Company has identified the following types of financial assets that are within the scope of ASU 2016 13: • Accounts receivable with joint venture owners; • Trade accounts receivables; • Other receivables As a result of adopting ASU 2016 13 January 1, 2023, three March 31, 2023, Also on January 1, 2023, March 31, 2023, one During the three March, 31, 2023, With respect to the Company’s receivable from the refinery and TVA receivable balances, collection efforts, including remedies provided for in the contracts, are being pursued to collect overdue amounts owed to the Company. The Company is in ongoing discussions with the Ministry of the Economy, Hydrocarbons and the Presidency of Gabon on finding a solution to the realization of the past due balances. The following table provides an analysis of the change of the aggregate credit loss allowance and other allowances. Three Months Ended March 31, 2023 2022 (in thousands) Allowance for credit losses and other Balance at beginning of period $ (8,704 ) $ (5,741 ) Credit loss charges and other, net of receipts (935 ) (492 ) Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023 (3,120 ) — Foreign currency gain (loss) (73 ) 98 Balance at end of period $ (12,832 ) $ (6,135 ) Crude oil inventory In Gabon, March 31, 2023 March 31, 2022, not second 2023. March 31, 2023, Prepayments and Other March 31, 2023 Materials and supplies Crude Oil and natural gas properties, equipment and other Capitalized Capitalization no may Depreciation, depletion and amortization five five seven Impairment may not may 3 may 7 Purchase Accounting October 13, 2022, July 13, 2022. 3 Lease commitments 842, Asset retirement obligations ( ARO ) A liability for ARO is recognized in the period in which the legal obligations are incurred if a reasonable estimate of fair value can be made. The ARO liability reflects the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with crude oil, natural gas and NGLs properties. The Company uses current retirement costs to estimate the expected cash outflows for retirement obligations. Inherent in the present value calculation are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit-adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental, and political environments. Initial recording of the ARO liability is offset by the corresponding capitalization of asset retirement cost recorded to crude oil, natural gas and NGLs properties. To the extent these or other assumptions change after initial recognition of the liability, the fair value estimate is revised, and the recognized liability adjusted, with a corresponding adjustment made to the related asset balance or income statement, as appropriate. Depreciation of capitalized asset retirement costs and accretion of asset retirement obligations are recorded over time. Depreciation is generally determined on a units-of-production basis for crude oil, natural gas and NGLs production facilities, while accretion escalates over the lives of the assets to reach the expected settlement value. Where there is a downward revision to the ARO that exceeds the net book value of the related asset, the corresponding adjustment is limited to the amount of the net book value of the asset and the remaining amount is recognized as a gain. See Note 13 Revenue recognition Revenues from contracts with customers are recognized when the Company satisfies a performance obligation by transferring a good or service to a customer. A good or service is transferred when the customer obtains control of the good or service. The transfer of control of oil, natural gas and NGLs usually coincides with title passing to the customer and the customer taking physical possession. VAALCO mainly satisfies its performance obligations at a point in time and the amounts of revenues recognized relating to performance obligations satisfied over time are not 6 In connection with the acquisition of TransGlobe on October 13, 2022, Major maintenance activities Stock-based compensation Black-Scholes and Monte Carlo models employ assumptions, based on management’s best estimates at the time of grant, which impact the calculation of fair value and ultimately, the amount of expense that is recognized over the life of the stock options or SAR award. These models use the following inputs: (i) the quoted market price of the Company’s common stock on the valuation date, (ii) the maximum stock price appreciation that an employee may For restricted stock, the grant date fair value is determined using the market value of the common stock on the date of grant. The stock-based compensation expense for equity awards is recognized over the requisite or derived service period, using the straight-line attribution method over the service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. Unless the awards contain a market condition, previously recognized expense related to forfeited awards is reversed in the period in which the forfeiture occurs. For awards containing a market condition, previously recognized stock-based compensation expense is not 15 Foreign currency transactions not Income taxes may Judgment is required in determining whether deferred tax assets will be realized in full or in part. Management assesses the available positive and negative evidence to estimate if existing deferred tax assets will be utilized, and when it is estimated to be more-likely-than- not not not In certain jurisdictions, the Company may not not may 16 Derivative instruments and hedging activities may The Company records balances resulting from commodity risk management activities in the condensed consolidated balance sheets as either assets or liabilities measured at fair value. The Company has elected not 8 Fair value three Level 1 Level 2 1 not Level 3 not Nonrecurring Fair Value Measurements 3 Fair value of financial instruments 8, 2 1 may may As of March 31, 2023 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 124 $ — $ 124 $ — $ 124 $ — $ 124 Liabilities SARs liability Accrued liabilities and other $ — $ 297 $ — $ 297 $ — $ 297 $ — $ 297 ` As of December 31, 2022 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 102 $ — $ 102 $ — $ 102 $ — $ 102 Liabilities SARs liability Accrued liabilities and other $ — $ 556 $ — $ 556 $ — $ 556 $ — $ 556 Earnings per Share 5 Other, net Other comprehensive income • Income and expenses are translated at the date of the transaction. • Assets and liabilities are translated at the prevailing rate on the balance sheet date. The exchange rate to convert Canadian dollars (“CAD") to US dollars (“USD”) at December 31, 2022 March 31, 2023

Note 2 - New Accounting Standar

Note 2 - New Accounting Standards	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	2. NEW ACCOUNTING STANDARDS Adopted In June 2016, No. 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” not 2016 13 December 15, 2019, December 31, 2022, December 15, 2022, The Company adopted ASU 2016 13 326" January 1, 2023 2016 03 first 326 one January 1, 2023. 1

Note 3 - Acquisitions and Dispo

Note 3 - Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	3. TransGlobe Merger On October 13, 2022, July 13, 2022 ( At the effective time of the Arrangement and pursuant to the Arrangement Agreement, each common share of TransGlobe issued and outstanding immediately prior to the effective time of the Arrangement (the “TransGlobe common shares”) was converted into the right to receive 0.6727 (the “exchange ratio”) of a share of common stock, par value $0.10 per share, of the Company (“VAALCO common stock,” and each share of VAALCO common stock, a “VAALCO share”). The total number of VAALCO shares issued to TransGlobe’s shareholders was approximately 49.3 million. The Arrangement resulted in VAALCO stockholders owning approximately 54.5%, and TransGlobe shareholders owning approximately 45.5% of the combined company (the “Combined Company”), calculated based on vested outstanding shares of each company as of the date of the Arrangement Agreement. Prior to the Arrangement, TransGlobe was a cash flow-focused oil and gas exploration and development company whose activities were concentrated in the Arab Republic of Egypt and Canada. The Combined Company is a leading African-focused operator with a strong production and reserve base and a diverse portfolio of assets in Gabon, Egypt, Equatorial Guinea and Canada. The transaction qualifies as a business combination under ASC 805, not During the three March 31, 2023, three March 31, 2023 The actual impact of the Arrangement was an increase to “Crude oil, natural gas and NGLs sales” of $43.7 million and $9.7 million of “Net income” in the condensed consolidated statements of operations and comprehensive income for the three March 31, 2023. October 13, 2022 Measurement Period Adjustment October 13, 2022 (As Adjusted) (in thousands) (in thousands) (in thousands) Purchase Consideration Common stock issued to TransGlobe shareholders $ 274,145 $ — $ 274,145 October 13, 2022 October 13, 2022 October 13, 2022 (in thousands) (in thousands) (in thousands) Assets acquired: Cash $ 36,686 $ — $ 36,686 Wells, platforms and other production facilities 243,669 — 243,669 Equipment and other 2,099 — 2,099 Undeveloped acreage 30,216 — 30,216 Accounts receivable - trade 48,068 — 48,068 Accounts receivable - other 50,275 — 50,275 Accounts with joint venture owners 68 — 68 Right of use operating leases 1,609 — 1,609 Right of use financing leases 204 — 204 Prepayment and other 7,627 — 7,627 Liabilities assumed: - Asset retirement obligations (6,134 ) — (6,134 ) Accounts payable (10,223 ) — (10,223 ) Accrued liabilities and other (50,128 ) — (50,128 ) Operating lease liabilities - current portion (961 ) — (961 ) Financing lease liabilities - current portion (125 ) — (125 ) Operating lease liabilities - net of current portion (688 ) — (688 ) Financing lease liabilities - net of current portion (21 ) — (21 ) Deferred tax liabilities (40,964 ) (1,412 ) (42,376 ) Other long-term liabilities (26,313 ) — (26,313 ) Bargain purchase gain (10,819 ) 1,412 (9,407 ) Total purchase price $ 274,145 $ — $ 274,145 All assets and liabilities associated with TransGlobe, including crude oil, natural gas and NGLs properties, asset retirement obligations and working capital items, were recorded at their fair value. The Company used estimated future crude oil prices as of the closing date, October 13, 2022 , July 13, 2022 October 13, 2022 The unaudited pro forma results presented below have been prepared to give the effect of the TransGlobe Arrangement discussed above on the Company’s results for the three March 31, 2022, January 1, 2021. not Three Months Ended March 31, 2022 (in thousands) Pro forma (unaudited): Crude oil, natural gas and natural gas liquids sales $ 121,127 (a) Operating income $ 61,427 (b) Net income $ 31,039 (c) Basic net income per share: $ 0.29 Basic weighted average shares outstanding 108,009 Diluted net income per share: $ 0.29 Diluted weighted average shares outstanding 108,486 (a) The unaudited pro forma net revenues associated with Crude oil, natural gas and natural gas liquids sales have been adjusted for shipping and handling costs based on the Company’s historical policy and revenue recognition is based on the Company’s working interest, less royalties, the entitlement method. (b) The unaudited pro forma operating income for the three March 31, 2022 2022, (c) The unaudited pro forma net income for the year ended March 31, 2022 Discontinued Operations - Angola and Yemen In November 2006, 5 5 September 30, 2016, October 31, 2016. November 30, 2016, 5 three March 31, 2023 2022, not As part of the Arrangement with TransGlobe, the Company acquired TG Holdings Yemen Inc. who previously owned TransGlobe's interests in four 32, 72, 75 1. January 2015, 32 72 March 31, 2015 February 28, 2015, October 2015 75 1. three March 31, 2023, not

Note 4 - Segment Information

Note 4 - Segment Information	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	4. The Company’s operations are based in Gabon and the Company has an undeveloped block in Equatorial Guinea. Each of the Company’s two reportable operating segments is organized and managed based upon geographic location. The Company’s Chief Executive Officer, who is the chief operating decision maker, and management review and evaluate the operation of each geographic segment separately, primarily based on operating income (loss). The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. Revenues are based on the location of hydrocarbon production. Corporate and other is primarily corporate and operations support costs that are not Segment activity of continuing operations for the three March 31, 2023 2022 March 31, 2023 December 31, 2022 Three Months Ended March 31, 2023 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Revenues: Crude oil, natural gas and natural gas liquids sales $ 36,737 $ 34,784 $ 8,882 $ — $ — $ 80,403 Operating costs and expenses: Production expense 14,415 11,110 2,254 362 59 28,200 Exploration expense 8 — — — — 8 Depreciation, depletion and amortization 9,845 10,795 3,711 — 66 24,417 General and administrative expense 618 179 — 129 4,298 5,224 Credit losses and other 935 — — — — 935 Total operating costs and expenses 25,821 22,084 5,965 491 4,423 58,784 Operating income (loss) 10,916 12,700 2,917 (491 ) (4,423 ) 21,619 Other income (expense): Derivative instruments gain, net — — — — 21 21 Interest (expense) income, net (1,507 ) (808 ) (4 ) — 73 (2,246 ) Other income (expense), net 517 — — (1 ) (1,656 ) (1,140 ) Total other expense, net (990 ) (808 ) (4 ) (1 ) (1,562 ) (3,365 ) Income (loss) from continuing operations before income taxes 9,926 11,892 2,913 (492 ) (5,985 ) 18,254 Income tax expense 6,578 4,992 — — 3,201 14,771 Income (loss) from continuing operations 3,348 6,900 2,913 (492 ) (9,186 ) 3,483 Loss from discontinued operations, net of tax — — — — (13 ) (13 ) Net income (loss) $ 3,348 $ 6,900 $ 2,913 $ (492 ) $ (9,199 ) $ 3,470 Consolidated capital expenditures $ 3,689 $ 11,571 $ 10,165 $ — $ — $ 25,425 Three Months Ended March 31, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 68,656 $ — $ — $ 68,656 Operating costs and expenses: Production expense 18,081 219 60 18,360 Exploration expense 127 — — 127 Depreciation, depletion and amortization 4,653 — 20 4,673 General and administrative expense 593 99 4,302 4,994 Credit losses and other 492 — — 492 Total operating costs and expenses 23,946 318 4,382 28,646 Other operating expense, net (5 ) — — (5 ) Operating income 44,705 (318 ) (4,382 ) 40,005 Other income (expense): Derivative instruments loss, net — — (31,758 ) (31,758 ) Interest (expense) income, net (6 ) — 3 (3 ) Other expense, net (638 ) (1 ) (57 ) (696 ) Total other expense, net (644 ) (1 ) (31,812 ) (32,457 ) Income from continuing operations before income taxes 44,061 (319 ) (36,194 ) 7,548 Income tax (benefit) expense 7,858 — (12,486 ) (4,628 ) Income (loss) from continuing operations 36,203 (319 ) (23,708 ) 12,176 Loss from discontinued operations, net of tax — — (12 ) (12 ) Net income (loss) $ 36,203 $ (319 ) $ (23,720 ) $ 12,164 Consolidated capital expenditures $ 31,780 $ — $ — $ 31,780 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Long-lived assets from continuing operations: As of March 31, 2023 $ 209,127 $ 170,249 $ 109,824 $ 10,000 $ 753 $ 499,953 As of December 31, 2022 (1) 213,204 $ 168,012 $ 103,263 $ 10,000 $ 793 $ 495,272 ( 1 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Total assets from continuing operations: As of March 31, 2023 $ 381,009 $ 270,629 $ 116,554 $ 11,013 $ 44,778 $ 823,983 As of December 31, 2022 (1) 395,393 $ 293,640 $ 110,071 $ 10,861 $ 45,676 $ 855,641 ( 1 Information about the Company’s most significant customers The Company currently sells crude oil production from Gabon under term crude oil sales and purchase agreements (“COSPAs”) or crude oil sales and marketing agreements ("COSMA or COSMAs") with pricing based upon an average of Dated Brent in the month of lifting, adjusted for location and market factors. The Company was previously party to a COSPA with ExxonMobil Sales and Supply LLC (“Exxon”) that covered sales from February 2020 July 2022 As discussed further in Note 11, May 16, 2022, G4 160 August 1, 2022 For the three March 31, 2023 three March 31, 2022 three March 31, 2023, three March 31, 2023, two

Note 5 - Earnings Per Share

Note 5 - Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	5. EARNINGS PER SHARE Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. For the calculation of diluted shares, the Company assumes that restricted stock is outstanding on the date of vesting, and the Company assumes the issuance of shares from the exercise of stock options using the treasury stock method. A reconciliation of reported net income to net income used in calculating EPS as well as a reconciliation from basic to diluted shares follows: Three Months Ended March 31, 2023 2022 (in thousands) Net income (loss) (numerator): Income (loss) from continuing operations $ 3,483 $ 12,176 Income from continuing operations attributable to unvested shares 18 (140 ) Numerator for basic 3,501 12,036 Loss from continuing operations attributable to unvested shares (18 ) — Numerator for dilutive $ 3,483 $ 12,036 Loss from discontinued operations, net of tax $ (13 ) $ (12 ) Loss from discontinued operations attributable to unvested shares — — Numerator for basic (13 ) (12 ) (Income) loss from discontinued operations attributable to unvested shares — — Numerator for dilutive $ (13 ) $ (12 ) Net income (loss) $ 3,470 $ 12,164 Net income attributable to unvested shares (29 ) (139 ) Numerator for basic 3,441 12,025 Net (income) loss attributable to unvested shares (18 ) — Numerator for dilutive $ 3,423 $ 12,025 Weighted average shares (denominator): Basic weighted average shares outstanding 107,387 58,702 Effect of dilutive securities 1,365 477 Diluted weighted average shares outstanding 108,752 59,179 Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive 195 139

Note 6 - Revenue

Note 6 - Revenue	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	6. Gabon Revenues from contracts with customers are generated from sales in Gabon pursuant to COSPAs or COSMAs. COSPAs or COSMAs with customers are renegotiated near the end of the contract term and may no 4 Information about the Company s most significant customers Revenues from contracts with customers are generated from sales in Gabon pursuant to crude oil sales and purchase agreements. There is a single performance obligation (delivering crude oil to the delivery point, i.e., not June 20, 2026 may i.e., Customer sales generally occur on a monthly basis when the customer’s tanker arrives at the FSO and the crude oil is delivered to the tanker through a connection. There is a single performance obligation (delivering crude oil to the delivery point, i.e., the connection to the customer’s crude oil tanker) that gives rise to revenue recognition at the point in time when the performance obligation event takes place. This is referred to as a “lifting”. Liftings can take one two 30 no 606 10 50 14 not The Company accounts for sales based on the Company’s working interest, less royalties. Imbalances are valued based on the actual sales proceeds. Historically as operator, the volumes sold may For each lifting completed under a COSPA or COSMA, payment is made by the customer in U.S. dollars by electronic transfer 30 Generally, no In addition to revenues from customer contracts, the Company has other revenues related to contractual provisions under the Etame PSC. The Etame PSC is not not 606. June 20, 2026) may i.e., taking crude oil barrels, rather than with cash payments. To date, the government of Gabon has not no With respect to the government’s share of Profit Oil, the Etame PSC provides that the corporate income tax liability may , the government’s share of revenues from Profit Oil is reported in revenues with a corresponding amount reflected in the current provision for income tax expense. Prior to February 1, 2018, not February 1, 2018, not not i.e., the period in which it lifts the crude oil. With respect to the government’s sh February 1, 2018, not February 1, 2018, not not The Company has a $4.5 million foreign income tax payable as of March 31, 2023 related to Gabon. As of December 31, 2022, December 2022. Certain amounts associated with the carried interest in the Etame Marin block discussed above are reported as revenues. In this carried interest arrangement, the carrying parties, which include the Company and other working interest owners, are obligated to fund all of the working interest costs that would otherwise be the obligation of the carried party. The carrying parties recoup these funds from the carried interest party’s revenues. The following table presents revenues from contracts with customers as well as revenues associated with the obligations under the Etame PSC. Three Months Ended March 31, 2023 2022 Revenues from customer contracts: (in thousands) Sales under the COSPA or COSMA $ 42,601 $ 76,486 Other items reported in revenue not associated with customer contracts: Carried interest recoupment — 1,112 Royalties (5,864 ) (8,942 ) Net revenues $ 36,737 $ 68,656 Egypt Revenues from sales in Egypt are generally made through direct sales to EGPC or through contracts with customers pursuant to crude oil sales and purchase agreements (“COSPAs”) or crude oil sales and marketing agreements ("COSMA or COSMAs"). EGPC and the Company’s subsidiary, TransGlobe Petroleum International (“TPI”), each own a 50% interest, respectively, in the operating company which is a party to the Merged Concession Agreement. EGPC and the Company’s subsidiary, TPI, each also own a 50% interest, respectively, in the operating company that is a party to the South Ghazalat concession agreement. The Company has utilized the practical expedient in ASC Topic 606 10 50 14 not Customer sales generally occur on a daily basis when sales are directly to EGPC or haphazardly production is sold through a cargo lifting. Direct sales to EGPC are considered complete when oil is delivered to EGPC storage facility. When sales are made through cargo lifting, the performance obligations are normally satisfied either when the oil is delivered to the export facility location or when the oil is delivered to its ultimate destination, as specified in the contract. Regardless of the type of sales, there is a single performance obligation (delivering crude oil to the delivery point) that gives rise to revenue recognition at the point in time when the performance obligation event takes place. Sales and delivery costs associated with certain sales are netted against revenue in accordance with the Company’s policy regarding classification of these type of expenses. Revenues associated with the sales of the Company’s crude oil in Egypt are recognized by reference to actual volumes sold and quoted market prices in active markets for Dated Brent, adjusted according to specific terms and conditions as applicable per the sales contracts. Revenue is measured at the fair value of the consideration received or receivable. For reporting purposes, the Company records EGPC’s share of production as royalties which are netted against revenue, whether EGPC’s share of production arises from EGPC’s share of profit oil or excess cost oil which is discussed below. Egypt production is based on Dated Brent prices, less a quality differential and is shared with the Egyptian government through PSCs. When the price of oil increases, it takes fewer barrels to recover costs (cost oil or cost recovery barrels) which are assigned 100% to the Company. The PSCs provide for cost recovery per quarter up to a maximum percentage of total production. Timing differences often exist between the Company's recognition of costs and their recovery as the Company accounts for costs on an accrual basis, whereas cost recovery is determined on a cash basis. If the eligible cost recovery is less than the maximum defined cost recovery, the difference is defined as "excess". In Egypt, depending on the PSCs, the Company's share of excess ranges between 5% and 15%. If the eligible cost recovery exceeds the maximum allowed percentage, the unclaimed cost recovery is carried forward to the next quarter. Typically, maximum cost oil ranges from 25% to 40% in Egypt. The balance of the production after maximum cost recovery is shared with the government (profit oil). Depending on the contract, the Egyptian government receives 67% to 84% of the profit oil. Production sharing splits are set in each contract for the life of the contract. Typically, the government’s share of profit oil increases when production exceeds pre-set production levels in the respective contracts. During times of high oil prices, the Company may may may may not With respect to Egyptian income taxes, which are the Company’s liability under the terms of the Merged Concession Agreement, these taxes are paid by EGPC on behalf of the Company out of EGPC’s share of production entitlement. The income taxes paid to the Arab Republic of Egypt on behalf of the Company are recognized as crude oil revenue and income tax expense for reporting purposes. EGPC owns the storage and export facilities where the Company's production is delivered and the Company requires EGPC cooperation and approval to schedule liftings. Once liftings occur, the Company has a 30 may two four In some instances TPI will borrow or loan production volumes in order to achieve a required amount of crude oil for cargo sales. In these instances, TPI can be in an overlift or underlift position. Regardless of being in an over lift or underlift position, sales are based on the Company’s working interest, less royalties. Imbalances are valued based on the actual sales proceeds and TPI will record a payable, if in an overlift position, or a receivable, if in an underlift position, based on the fair value of the consideration received or receivable. The following table presents revenues in Egypt from contracts with customers: Three Months Ended March 31, 2023 Revenues from customer contracts: (in thousands) Gross sales $ 54,621 Royalties (19,340 ) Selling costs (497 ) Net revenues $ 34,784 Canada Revenues from the sale of crude oil, natural gas, condensate and natural gas liquids ("NGLs") in Canada are recognized by reference to actual volumes delivered at contracted delivery points and prices. The Company has utilized the practical expedient in ASC Topic 606 10 50 14 not Customer sales generally occur on a daily basis when crude oil, natural gas, condensate or NGL’s are sold, normally via pipeline, to a delivery point. Regardless of the type of sales, there is a single performance obligation (delivering crude oil, natural gas, condensate or NGL’s to the delivery point) that gives rise to revenue recognition at the point in time when the performance obligation event takes place. Sales and delivery costs associated with certain sales are netted against revenue in accordance with the Company’s policy regarding classification of these type of expenses. Settlement of accounts receivable in Canada occur on the 25th The following table presents revenues in Canada from contracts with customers: Three Months Ended March 31, 2023 Revenues from customer contracts: (in thousands) Oil revenue $ 6,654 Gas revenue 958 NGL revenue 2,463 Royalties (1,193 ) Net revenues $ 8,882

Note 7 - Crude Oil, Natural Gas

Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Oil and Gas Properties [Text Block]	7. CRUDE OIL, NATURAL GAS and NGLs PROPERTIES AND EQUIPMENT The Company’s crude oil, natural gas and NGLs properties and equipment is comprised of the following: As of March 31, 2023 As of December 31, 2022 (in thousands) Crude oil and natural gas properties and equipment - successful efforts method: Wells, platforms and other production facilities $ 1,432,823 $ 1,406,888 Work-in-progress — — Undeveloped acreage 53,999 56,251 Equipment and other 41,176 38,796 1,527,998 1,501,935 Accumulated depreciation, depletion, amortization and impairment (1,028,045 ) (1,006,663 ) Net crude oil and natural gas properties, equipment and other $ 499,953 $ 495,272 Etame Marin Block PSC On September 25, 2018, The PSC Extension extends the term to operate until September 17, 2028. two five In accordance with the Etame Marin block PSC, the Etame Consortium maintains a “Cost Account,” which accumulates capital costs and operating expenses that are deductible against revenues, net of royalties, in determining taxable profits. Under the PSC Extension, the Cost Recovery Percentage increased to 80% for the ten September 17, 2018 September 16, 2028. September 16, 2028, June 20, 2026. Egypt PSCs On January 20, 2022, three February 2023 February 2026. February 2023 The Merged Concession Agreement contains minimum financial work commitments of $50.0 million per each five February 1, 2020 ( The Egyptian PSCs provide for the government to receive a percentage gross royalty on the gross production. The remaining oil production, after deducting the gross royalty, if any, is split between cost sharing oil and production sharing oil. Cost sharing oil is up to a maximum percentage as defined in the specific PSC. Cost oil is assigned to recover approved operating and capital costs spent on the specific project. Unutilized cost sharing oil or excess cost oil (maximum cost recovery less actual cost recovery) is shared between the government and the contractor as defined in the specific PSCs. Each PSC is treated individually in respect of cost recovery and production sharing purposes. The remaining production sharing oil (total production less cost oil) is shared between the government and the contractor as defined in the specific PSC. The Egyptian PSCs do not no The following table summarizes the Company's Egyptian PSC terms for the first first Block Merged Concession South Ghazalat Year acquired (1) 2020 2013 Expiry date 2035 2039 Extensions Exploration N/A N/A Development + 5 years 20 + 5 years Production Tranche (MBopd) 0-25 0-5 Maximum cost oil 40 % 25 % Excess cost oil - Contractor 15 % 5 % Depreciation per quarter Operating 100 % 100 % Capital 6 % 5 % Production Sharing Oil: Contractor 30 %* 17 % Government 70 %* 83 % ( 1 *Merged Concession profit oil is set on a scale according to average Brent price and production: Crude oil produced (MBopd) Brent Price ($/bbl) Less than or equal to 5 MBopd More than 5 MBopd and less than or equal to 10 MBopd More than 10 MBopd and less than or equal to 15 MBopd More than 15 MBopd and less than or equal to 25 MBopd More than 25 MBopd Government % Contractor % Government % Contractor % Government % Contractor % Government % Contractor % Government % Contractor % Less than or equal to $40/bbl 67 33 68 32 69 31 70 30 71 29 More than $40/bbl and less than or equal to $60/bbl 68 32 69 31 70 30 71 29 72 28 More than $60/bbl and less than or equal to $80/bbl 70 30 71 29 72 28 74 26 76 24 More than $80/bbl and less than or equal to $100/bbl 72.5 27.5 73 27 74 26 76 24 78 22 More than $100/bbl 75 25 76 24 77 23 78 22 80 20 Equatorial Guinea PSC With the approval of the plan of development in September, 2022, September, 2047. first 10,000 10,000 25,000 25 25 50 120 Proved Properties The Company reviews the crude oil, natural gas and NGLs producing properties for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount of such properties may not not 3 There was no three March 31, 2023 December 31, 2022 Undeveloped Leasehold Costs Equatorial Guinea VAALCO acquired a 31% working interest in an undeveloped portion of a block (“Block P”) offshore Equatorial Guinea in 2012. November 12, 2019. 2020, August 27, 2020, April 2021, April 12, 2021, fourth February 2023, 14.1% first The Company has completed a feasibility study of the development concept of the Venus discovery on Block P. On September 16, 2022, 2023 October 12, 2022 November 16, 2022. March 2023, 5 March 2023 March 31, 2023, Gabon As a result of the PSC extension discussed above, the exploitation area for the Etame Marin block was expanded to include previously undeveloped acreage. The Company allocated $6.7 million of the share of the signing bonus and $7.1 million of the $18.6 million resulting from the deferred tax impact for the difference between book basis and tax basis to unproved leasehold costs using the acreage attributable to the previous exploitation areas and the additional acreage in the expanded exploitation areas. Exploitation of this additional area is permitted throughout the term of the Etame Marin block PSC. As a result of discovering reserves in connection with drilling the South East Etame 4H March 2020, 3, March 31, 2023 was $13.7 million. Egypt and Canada In connection with the TransGlobe acquisition discussed under Note 3 March 31, 2023, Capitalized Equipment Inventory Capitalized equipment inventory is reviewed regularly for obsolescence. Adjustments for inventory obsolescence are recorded in the “ Other operating expense, net not three March 31, 2023 2022

Note 8 - Derivatives and Fair V

Note 8 - Derivatives and Fair Value	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Derivatives and Fair Value [Text Block]	8. The Company uses derivative financial instruments from time to time to achieve a more predictable cash flow from crude oil production by reducing the Company’s exposure to price fluctuations. See the table below for the list of outstanding contracts as of March 31, 2023: Settlement Period Type of Contract Index Average Monthly Volumes Weighted Average Put Price Weighted Average Call Price (Bbls) (per Bbl) (per Bbl) April 2023 - June 2023 Collars Dated Brent 95,500 $ 65.00 $ 100.00 While these derivative instruments are intended to be an economic hedge to mitigate the impact of a decline in crude oil prices, the Company has not not May 2022, The derivative instruments are measured at fair value using the Income Method. Level 2 To mitigate counterparty risk, the Company enters into such derivative contracts with creditworthy financial institutions deemed by management as competent and competitive market makers. At times, the Company’s counterparties require that it post collateral for changes in the net fair value of the derivative contracts. This cash collateral is reported in the line item "Restricted cash" on the unaudited condensed consolidated balance sheets. The following table sets forth the loss on derivative instruments on the Company’s unaudited condensed consolidated statements of operations and comprehensive income: Three Months Ended March 31, Derivative Item Statements of Operations Line 2023 2022 (in thousands) Commodity derivatives Cash settlements paid on matured derivative contracts, net $ (59 ) $ (12,500 ) Unrealized gain (loss) 80 (19,258 ) Derivative instruments gain (loss), net $ 21 $ (31,758 ) Subsequent Event On April 3, 2023, first 2023. elow: Settlement Period Type of Contract Index Average Monthly Volumes Weighted Average Put Price Weighted Average Call Price (Bbls) (per Bbl) (per Bbl) July 2023 - September 2023 Collars Dated Brent 95,000 $ 65.00 $ 96.00

Note 9 - Accrued Liabilities an

Note 9 - Accrued Liabilities and Other	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	9. Accrued liabilities and other balances were comprised of the following: As of March 31, 2023 As of December 31, 2022 (in thousands) Accrued accounts payable invoices $ 21,185 $ 28,360 Gabon DMO, PID and PIH obligations 11,569 10,509 Capital expenditures 27,850 26,618 Stock appreciation rights – current portion 297 570 Accrued wages and other compensation 2,626 8,161 ARO Obligation 260 306 Egypt modernization payments 9,373 9,933 Excess cost oil payable 1,297 — Other 6,250 6,935 Total accrued liabilities and other $ 80,707 $ 91,392

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	10. COMMITMENTS AND CONTINGENCIES Abandonment funding Under the terms of the Etame PSC, the Company has a cash funding arrangement for the eventual abandonment of all offshore wells, platforms and facilities on the Etame Marin block. As a result of the PSC Extension, annual funding payments are spread over the periods from 2018 2028, 2018 November 2021, March 31, 2023, In the first 2023, March 2023. FPSO charter In connection with the charter of the FPSO, the Company, as operator of the Etame Marin block, guaranteed all of the charter payments under the charter through its contract term. At the Company’s election, the charter could be extended for two one September 2020. September 2022. September 9, 2022, October 4, 2022 Pursuant to the addendum, VAALCO Gabon agreed to pay the charterer day rate of $150,000 from August 20, 2022 October 4, 2022, fourth 2022. Regulatory and Joint Interest Audits and Related Matters The Company is subject to periodic routine audits by various government agencies in Gabon, including audits of the Company’s petroleum cost account, customs, taxes and other operational matters, as well as audits by other members of the contractor group under the Company’s joint operating agreements. In 2016, 2013 2014. January 2017. not Between 2019 2021, 2015 2016. not Dividend Policy On November 3, 2021, On February 14, 2023 paid on March 31, 2023 March 24, 2023. May 9, 2023 June 23, 2023 May 24, 2023. In connection with the RBL facility, discussed in Note 11, no may not three March 31, 2023, no Payment of future dividends, if any, will be at the discretion of the board of directors after taking into account various factors, including current financial condition, the tax impact of repatriating cash, operating results and current and anticipated cash needs. Share Buyback Program On November 1, 2022, 10b5 1 “10b5 1 10b 18 1934. 10b5 1 The following table shows the repurchases of equity securities related to the share repurchase program after January 1, 2023 March 31, 2023: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Maximum Amount that May Yet Be Used to Purchase Shares Under the Program January 1, 2023 - January 31, 2023 350,832 $ 4.27 350,832 $ 25,502,669 February 1, 2023 - February 28, 2023 326,992 $ 4.59 326,992 $ 24,003,172 March 1, 2023 - March 31, 2023 303,176 $ 4.95 303,176 $ 22,503,206 Total 981,000 981,000 The following table shows the repurchases of equity securities related to the share repurchase program after April 1, 2023 May 9, 2023: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Maximum Amount that May Yet Be Used to Purchase Shares Under the Program April 1, 2023 - April 30, 2023 303,969 $ 4.93 303,969 $ 21,003,245 May 1, 2023 - May 8, 2023 362,843 $ 4.14 362,843 $ 19,502,740 Total 666,812 666,812 In connection with the RBL facility, the Company is required to provide a cash flow projection prior to any distribution, share buyback, or stock repurchase. As long as a group liquidity test is above the required ratio outlined in the RBL facility agreement, and no may not three March 31, 2023, no The actual timing number and value of shares repurchased under the share buyback program will depend on a number of factors, including constraints specified in the Plan, the Company's stock price, general business and market conditions, and alternative investment opportunities. Under the Plan, the Company’s third Merged Concession Agreement On January 20, 2022, three 15 first January 19, 2022. February 1, 2022, second February 2023 $10.0 three February 1, 2024 February 1, 2026. March 31, 2023. The Company also has minimum financial work commitments of $50.0 million per each five February 1, 2020 ( March 31, 2023, five $50 five As the Merged Concession Agreement is effective as of February 1, 2020, October 13, 2022, March 31, 2023, Government Related Receivables Under the Article 35 October 2021, Since the crude oil produced by the Company is not two In November 2022, not November 2022. March 31, 2023 not

Note 11 - Debt

Note 11 - Debt	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	11. As of March 31, 2023 December 31, 2022, RBL Facility On May 16, 2022, may not October 1, 2023 April 1 October 1 The Facility provides for determination of the borrowing base asset based on the Company’s proved producing reserves in Gabon and a portion of the Company's proved undeveloped reserves in Gabon. The borrowing base is determined and re-determined by the Lenders on March 31 September 30 no Each loan under the Facility will bear interest at a rate equal to LIBOR plus a margin (the “Applicable Margin”) of (i) 6.00% until the third third Pursuant to the Facility Agreement, the Company shall pay to Glencore for the account of each Lender a quarterly commitment fee equal to (i) 35% per annum of the Applicable Margin on the daily amount by which the lower of the total commitments and the borrowing base amount exceeds the amount of all outstanding utilizations under the Facility, plus (ii) 20% per annum of the Applicable Margin on the daily amount by which the total commitments exceed the borrowing base amount. The Borrower is also required to pay customary arrangement and security agent fees. The Facility Agreement contains certain debt covenants, including that, as of the last day of each calendar quarter, (i) the ratio of Consolidated Total Net Debt to EBITDAX (as each term is defined in the Facility Agreement) for the trailing 12 not 3.0x not March 31, 2023 2022 90 April 17, 2023. April 11, 2023. March 31, 2023 The Facility will mature on the earlier of (i) the fifth first Deferred financing costs incurred in connection with securing the Facility were $1.8 million, ($2.1 million net of accumulated amortization of $0.3 million) which is carried in the accompanying unaudited condensed consolidated balance sheets in the line item "Other long-term assets" and is amortized on a straight-line basis, which approximates the effective interest method, over the term of the Facility and included in interest expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive income. ATB Facility In connection with the Arrangement with TransGlobe in October 2022, January 5, 2023, not

Note 12 - Leases

Note 12 - Leases	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Operating and Finance Leases [Text Block]	12. Under the leasing standard that became effective January 1, 2019, two Practical Expedients The Company elected to use all the practical expedients, effectively carrying over its previous identification and classification of leases that existed as of January 1, 2019. may not no Operating leases The Company is currently a party to several operating lease agreements for the corporate office, rental of marine vessels and equipment and a drilling rig used in the Company’s Egyptian operations.. The duration for these agreements ranges from 3 to 24 months. In some cases, the lease contracts require the Company to make payments both for the use of the asset itself and for operations and maintenance services. Only the payments for the use of the asset related to the lease component are included in the calculation of ROU assets and lease liabilities. Payments for the operations and maintenance services are considered non-lease components and are not The marine vessels and certain equipment leases include provisions for variable lease payments, under which the Company is required to make additional payments based on the level of production or the number of days or hours the asset is deployed, or the number of persons onboard the vessel. Because the Company does not Financing leases The Company is currently a party to several financing lease agreements for the FSO and generators used in the operations of the Etame Marin block and for equipment, offices and vehicles used in the operations of Canada and Egypt. The duration for these agreements ranges from 7 to 114 months. In some cases, the lease contracts require the Company to make payments both for the use of the asset itself and for operations and maintenance services. Only the payments for the use of the asset related to the lease component are included in the calculation of ROU assets and lease liabilities. Payments for the operations and maintenance services are considered non-lease components and are not All leases For all leases that contain an option to extend the initial lease term, the Company has evaluated whether it will extend the lease beyond the initial lease term. When the Company believes it will utilize these leased assets beyond the initial lease term, those payments have been included in the calculation of the ROU assets and liabilities. The discount rate used to calculate ROU assets and lease liabilities represents the Company’s incremental borrowing rate. The Company determined this by considering the term and economic environment of each lease, and estimating the resulting interest rate the Company would incur to borrow the lease payments. For the three March 31, 2023 2022 Three Months Ended March 31, 2023 2022 Lease cost: (in thousands) Finance lease cost (1) $ 4,365 $ 66 Operating lease cost 583 4,196 Short-term lease cost (2) 1,360 1,014 Variable lease cost (3) — 1,338 Total lease expense 6,308 6,614 Lease costs capitalized 48 772 Total lease costs $ 6,356 $ 7,386 Three Months Ended March 31, 2023 2022 Other information: Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows attributable to finance leases (in thousands) $ 1,701 $ — Weighted-average remaining lease term (in years) 9.33 5.42 Weighted-average discount rate 8.13 % 3.54 % Operating cash flows attributable to operating leases (in thousands) $ 226 $ 6,551 Weighted-average remaining lease term (in years) 1.14 0.73 Weighted-average discount rate 10.29 % 5.83 % ( 1 Represents depreciation and interest associated with financing leases. ( 2 Represents short term leases under contracts that are 1 not ( 3 Variable costs represent differences between minimum lease costs and actual lease costs incurred under lease contracts. The table below describes the presentation of the total lease cost on the Company’s unaudited condensed consolidated statements of operations and comprehensive income. As discussed above, the Company’s joint venture owners are required to reimburse the Company for their share of certain expenses, including certain lease costs. Three Months Ended March 31, 2023 2022 (in thousands) Finance lease cost $ 2,625 $ 39 Production expense 1,286 3,838 General and administrative expense 46 16 Lease costs billed to the joint venture owners 2,368 3,002 Total lease expense 6,325 6,895 Lease costs capitalized 31 491 Total lease costs $ 6,356 $ 7,386 The following table describes the future maturities of the Company’s lease liabilities at March 31, 2023 Operating Leases Finance Leases Year (in thousands) 2023 $ 1,829 $ 10,377 2024 672 13,759 2025 33 15,559 2026 — 16,156 2027 — 15,023 Thereafter — 51,561 2,534 122,435 Less: imputed interest 127 35,058 Total lease liabilities $ 2,407 $ 87,377 Under the joint operating agreements, other joint venture owners are obligated to fund $51.5 million of the $125.0 million in future lease liabilities.

Note 13 - Asset Retirement Obli

Note 13 - Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Asset Retirement Obligation Disclosure [Text Block]	13. The following table summarizes the changes in the Company’s asset retirement obligations: (in thousands) As of March 31, 2023 As of December 31, 2022 Beginning balance $ 42,001 $ 40,694 Accretion 556 1,958 Additions — 6,134 Revisions 79 (43 ) Settlements (123 ) (6,577 ) Foreign currency gain (loss) 74 (165 ) Ending balance $ 42,587 $ 42,001 Accretion is recorded in the line item “Depreciation, depletion and amortization” in the unaudited condensed consolidated statements of operations and comprehensive income. In connection with the TransGlobe Arrangement in October 2022, 3, $6.1 With relation to the end of the FPSO contract in October 2022, The Company is required under the Etame PSC for the Etame Marin block in Gabon to conduct abandonment studies to update the amounts being funded for the eventual abandonment of the offshore wells, platforms and facilities on the Etame Marin block. The current abandonment study was prepared in November 2021. March 31, 2023 In Egypt, under model concession agreements and the Fuel Material Law, liabilities in respect of decommissioning movable and immovable assets (other than wells) passes to the Egyptian Government through the transfer of ownership from the contractor to the government under the cost recovery process. While the current risk to the Company of becoming liable for decommissioning liabilities in Egypt is low, future changes to legislation could result in decommissioning liabilities in Egypt. Any increase in Egyptian decommissioning liabilities could adversely affect the Company's financial condition. In relation to petroleum wells, under good oilfield practices, the contractor is responsible for decommissioning non-producing wells under a decommissioning plan approved by EGPC during the life of the concession agreement. If EGPC agrees that a producing well is not may may not December 31, 2022, The Company provides for asset retirement obligations on all of its Canadian operations based on current legislation and industry operating practices. The estimated present value of the asset retirement obligation is recorded as a long-term liability, with a corresponding increase in the carrying amount of the related asset. The estimated ARO liability for Canada includes assumptions of actual costs to abandon and/or reclaim wells and facilities, the time frame in which such costs will be incurred, as well as using inflation factors and discount rates in order to calculate the amount of the ARO liability.

Note 14 - Shareholders' Equity

Note 14 - Shareholders' Equity	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Equity [Text Block]	14. EQUITY Common stock On October 13, 2022, Preferred stock Authorized preferred stock consists of 500,000 shares with a par value of $25 per share. No shares of preferred stock were issued and outstanding as of March 31, 2023. Treasury stock On November 1, 2022, 10 The below table shows the repurchases of the Company's equity securities during the three March 31, 2023: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Maximum Amount that May Yet Be Used to Purchase Shares Under the Program January 1, 2023 - January 31, 2023 350,832 $ 4.27 350,832 $ 25,502,669 February 1, 2023 - February 28, 2023 326,992 $ 4.59 326,992 $ 24,003,172 March 1, 2023 - March 31, 2023 303,176 $ 4.95 303,176 $ 22,503,206 Total 981,000 981,000 For the majority of restricted stock awards granted by the Company, the number of shares issued to the participant on the vesting date are net of shares withheld to meet applicable tax withholding requirements. In addition, when options are exercised, the participant may Although these withheld shares are not 15

Note 15 - Stock-based Compensat

Note 15 - Stock-based Compensation and Other Benefit Plans	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	15. STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS The Company’s stock-based compensation has been granted under several stock incentive and long-term incentive plans. The plans authorize the Compensation Committee of the Company’s board of directors to issue various types of incentive compensation. The Company had previously issued stock options and restricted shares under the 2014 “2014 2016 June 25, 2020, 2020 “2020 June 2021, 2020 2020 March 31, 2023 2020 For each stock option granted, the number of authorized shares under the 2020 one one 2020 no As referenced in the table below, the Company records compensation expense related to stock-based compensation as general and administrative expense associated with the issuance of stock options, restricted stock and stock appreciation rights. During the three March 31, 2023 three March 31, 2022 Three Months Ended March 31, 2023 2022 (in thousands) Stock-based compensation - equity awards $ 675 $ 404 Stock-based compensation - liability awards (26 ) 1,018 Total stock-based compensation $ 649 $ 1,422 Stock options and performance shares Stock options have an exercise price that may not three three may The Company used the Monte Carlo simulation to calculate the grant date fair value of performance stock option awards. The fair value of these awards will be amortized to expense over the derived service period of the option. For options that do not During the three March 31, 2022 first 2023. Three Months Ended March 31, 2022 Weighted average exercise price - ($/share) $ 6.41 Expected life in years 6.0 Average expected volatility 72 % Risk-free interest rate 1.98 % Expected dividend yield 2.30 % Weighted average grant date fair value - ($/share) $ 2.84 Stock option activity associated with the Monte Carlo model for the three March 31, 2023 Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2023 444 $ 3.98 Granted — — Exercised (74 ) (1.68 ) Unvested shares forfeited — — Vested shares expired — — Outstanding at March 31, 2023 370 $ 4.40 8.30 $ 414 Exercisable at March 31, 2023 166 $ 3.91 8.15 $ 224 Stock option activity associated with the Black-Scholes model for the three March 31, 2023 Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2023 387 $ 1.86 Granted — — Exercised (99 ) (1.50 ) Unvested shares forfeited — — Vested shares expired — — Outstanding at March 31, 2023 288 $ 1.98 0.81 $ 732 Exercisable at March 31, 2023 288 $ 1.98 0.81 $ 732 As a result of tax withholding on options exercised, 22,027 shares were added to treasury during the three March 31, 2023 Restricted shares Restricted stock granted to employees will vest over a period determined by the Compensation Committee that is generally a three three first first not fifty 50 The following is a summary of activity for the three March 31, 2023 Restricted Stock Weighted Average Grant Date Fair Value (in thousands) Non-vested shares outstanding at January 1, 2023 665 $ 4.59 Awards granted — — Awards vested (205 ) 4.82 Awards forfeited — — Non-vested shares outstanding at March 31, 2023 460 $ 4.49 During the three March 31, 2023, In connection with the Arrangement with TransGlobe and pursuant to the Arrangement Agreement, at the effective time of the Arrangement, certain awards previously issued to TransGlobe’s key employees and board members who continued their relationship as employees or board members of VAALCO following the Arrangement, continue to be governed by the applicable TransGlobe plan, provided that each such applicable plan has been amended to provide that VAALCO common stock shall be issuable in lieu of cash or TransGlobe common stock with respect to TransGlobe’s deferred share units (“DSU”s), performance share units (“PSU”s) and restricted stock units (“RSU”s), in each case, based on the exchange ratio in the Arrangement. For the PSUs that remained outstanding following the effective time of the Arrangement, the applicable vesting percentage was determined by the TransGlobe board of directors to be 200% for PSUs granted in 2020 2021 2022. RSUs were issued to directors, officers and employees of TransGlobe in the ordinary course of business prior to the Arrangement. Each RSU vests annually over a three December 16, 2022, 2020 three March 31, 2023 Restricted Stock Weighted Average Conversion Date Fair Value (in thousands) Non-vested shares outstanding at January 1, 2023 383 $ 4.27 Awards granted — — Awards vested (121 ) 4.27 Awards forfeited (23 ) 4.27 Non-vested shares outstanding at March 31, 2023 239 $ 4.27 During the three March 31, 2023, PSUs are similar to RSUs except that they originally contained a performance factor affecting the vesting percentage. For the PSUs that remained outstanding following the effective time of the Arrangement, the applicable vesting percentage was determined by the TransGlobe board of directors to be 200% 2020 2021; 64.4% 2022. third December 16, 2022, 2020 three March 31, 2023 Restricted Stock Weighted Average Conversion Date Fair Value (in thousands) Non-vested shares outstanding at January 1, 2023 690 $ 4.27 Awards granted — — Awards vested (134 ) 4.27 Awards forfeited (36 ) 4.27 Non-vested shares outstanding at March 31, 2023 520 $ 4.27 During the three March 31, 2023, DSUs are similar to RSUs, except that they become fully vested on the date of grant and are only issued to directors of the Company. Distributions under the DSU plan do not December 16, 2022, 2020 March 31, 2023, not first 2023 Stock appreciation rights ( SARs ) SARs may 2016 2020 may not During the three March 31, 2023 not SAR activity for the three March 31, 2023 Number of Shares Underlying SARs Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2023 202 $ 1.87 Granted — — Exercised (63 ) 0.86 Unvested SARs forfeited — — Vested SARs expired — — Outstanding at March 31, 2023 139 $ 2.33 0.92 $ 304 Exercisable at March 31, 2023 139 $ 2.33 0.92 $ 304 Other Benefit Plans The Company has adopted forms of change in control agreements for its named executive officers and certain other officers of the Company as well as a severance plan for its Houston-based non-executive employees in order to provide severance benefits in connection with a change in control. Upon a termination of a participant’s employment by the Company without cause or a resignation by the participant for good reason three six six

Note 16 - Income Taxes

Note 16 - Income Taxes	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	16. VAALCO and its domestic subsidiaries file a consolidated U.S. income tax return. Certain foreign subsidiaries also file tax returns in their respective local jurisdictions that include Canada, Egypt, Equatorial Guinea and Gabon. Income taxes attributable to continuing operations for the three March 31, 2023 2022 Provision for income taxes related to income from continuing operations consists of the following: Three Months Ended March 31, 2023 2022 U.S. Federal: (in thousands) Current $ — $ — Deferred 586 (12,486 ) Foreign: Current 12,300 5,691 Deferred 1,885 2,167 Total $ 14,771 $ (4,628 ) The Company’s effective tax rate for the three March 31, 2023 2022 three March 31, 2023, three March 31, 2023 three March 31, 2022, As of March 31, 2023

Note 17 - Other Comprehensive I

Note 17 - Other Comprehensive Income	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	17. OTHER COMPREHENSIVE INCOME The Company’s other comprehensive loss was $0.1 million for the three March 31, 2023. The components of accumulated other comprehensive income are as follows: Currency Translation Adjustments (in thousands) Balance at December 31, 2022 $ 1,179 Accumulated other comprehensive income (loss) before reclassifications (125 ) Balance at March 31, 2023 $ 1,054

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of consolidation
Use of Estimates, Policy [Policy Text Block]	Use of estimates Estimates of crude oil, natural gas and NGLs reserves used to estimate depletion expense and impairment charges require extensive judgments and are generally less precise than other estimates made in connection with financial disclosures. Due to inherent uncertainties and the limited nature of data, estimates are imprecise and subject to change over time as additional information becomes available.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and cash equivalents three may not not
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted cash and abandonment funding March 31, 2023 2022 March 31, 2023 2022 10 As of March 31, 2023 2022 (in thousands) Cash and cash equivalents $ 52,119 $ 18,939 Restricted cash - current 76 4,230 Restricted cash - non-current 1,771 1,752 Abandonment funding 6,268 21,369 Total cash, cash equivalents and restricted cash $ 60,234 $ 46,290 The Company conducts regular abandonment studies to update the estimated costs to abandon the offshore wells, platforms and facilities on the Etame Marin block. This cash funding is reflected under “Other noncurrent assets” as “Abandonment funding” on the unaudited condensed consolidated balance sheets. Future changes to the anticipated abandonment cost estimate could change the asset retirement obligation and the amount of future abandonment funding payments. See Note 10 On February 28, 2019, one six not not 2019 2022 2018 January 12, 2023, 2019. In the first 2023, March 2023. The Company is working with Directorate of Hydrocarbons in Gabon on establishing a payment schedule to resume funding of the abandonment fund in compliance with the Etame PSC.
Interest in Unincorporated Joint Ventures or Partnerships, Policy [Policy Text Block]	Accounts with joint venture owners , net
Accounts Receivable [Policy Text Block]	Accounts Receivable, net
Other Receivables [Policy Text Block]	Other receivables, net 2021, not third March 31, 2023 228 195 second 2022 32.5 March 2023. On January 19, 2022, February 1, 2020. fourth 2022, March 31, 2023, For credit losses associated with other receivables, see
Taxes and Other Receivables [Policy Text Block]	Value added tax and other receivables, net As of March 31, 2023, March 31, 2023, $1.00. December 31, 2022, December 31, 2022, $1.00.
Credit Loss, Financial Instrument [Policy Text Block]	Allowance for credit losses and other January 1, 2023, 2016 13, 2016 13” 2016 13 The Company estimates the current expected credit losses based primarily using an either an aging analysis or discounted cash flow methodology that incorporates consideration of current and future conditions that could impact its counterparties’ credit quality and liquidity. Uncollectible receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when the Company has determined that the balance will not The Company has identified the following types of financial assets that are within the scope of ASU 2016 13: • Accounts receivable with joint venture owners; • Trade accounts receivables; • Other receivables As a result of adopting ASU 2016 13 January 1, 2023, three March 31, 2023, Also on January 1, 2023, March 31, 2023, one During the three March, 31, 2023, With respect to the Company’s receivable from the refinery and TVA receivable balances, collection efforts, including remedies provided for in the contracts, are being pursued to collect overdue amounts owed to the Company. The Company is in ongoing discussions with the Ministry of the Economy, Hydrocarbons and the Presidency of Gabon on finding a solution to the realization of the past due balances. The following table provides an analysis of the change of the aggregate credit loss allowance and other allowances. Three Months Ended March 31, 2023 2022 (in thousands) Allowance for credit losses and other Balance at beginning of period $ (8,704 ) $ (5,741 ) Credit loss charges and other, net of receipts (935 ) (492 ) Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023 (3,120 ) — Foreign currency gain (loss) (73 ) 98 Balance at end of period $ (12,832 ) $ (6,135 )
Inventory, Policy [Policy Text Block]	Crude oil inventory In Gabon, March 31, 2023 March 31, 2022, not second 2023. March 31, 2023,
Prepayments and Other [Policy Text Block]	Prepayments and Other March 31, 2023
Inventory Supplies, Policy [Policy Text Block]	Materials and supplies
Oil and Gas Properties Policy [Policy Text Block]	Crude Oil and natural gas properties, equipment and other
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block]	Capitalized Capitalization no may
Depreciation, Depletion, and Amortization [Policy Text Block]	Depreciation, depletion and amortization five five seven
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment may not may 3 may 7
Business Combinations Policy [Policy Text Block]	Purchase Accounting October 13, 2022, July 13, 2022. 3
Lessee, Leases [Policy Text Block]	Lease commitments 842,
Asset Retirement Obligation [Policy Text Block]	Asset retirement obligations ( ARO ) A liability for ARO is recognized in the period in which the legal obligations are incurred if a reasonable estimate of fair value can be made. The ARO liability reflects the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with crude oil, natural gas and NGLs properties. The Company uses current retirement costs to estimate the expected cash outflows for retirement obligations. Inherent in the present value calculation are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit-adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental, and political environments. Initial recording of the ARO liability is offset by the corresponding capitalization of asset retirement cost recorded to crude oil, natural gas and NGLs properties. To the extent these or other assumptions change after initial recognition of the liability, the fair value estimate is revised, and the recognized liability adjusted, with a corresponding adjustment made to the related asset balance or income statement, as appropriate. Depreciation of capitalized asset retirement costs and accretion of asset retirement obligations are recorded over time. Depreciation is generally determined on a units-of-production basis for crude oil, natural gas and NGLs production facilities, while accretion escalates over the lives of the assets to reach the expected settlement value. Where there is a downward revision to the ARO that exceeds the net book value of the related asset, the corresponding adjustment is limited to the amount of the net book value of the asset and the remaining amount is recognized as a gain. See Note 13
Revenue from Contract with Customer [Policy Text Block]	Revenue recognition Revenues from contracts with customers are recognized when the Company satisfies a performance obligation by transferring a good or service to a customer. A good or service is transferred when the customer obtains control of the good or service. The transfer of control of oil, natural gas and NGLs usually coincides with title passing to the customer and the customer taking physical possession. VAALCO mainly satisfies its performance obligations at a point in time and the amounts of revenues recognized relating to performance obligations satisfied over time are not 6 In connection with the acquisition of TransGlobe on October 13, 2022,
Property, Plant and Equipment, Planned Major Maintenance Activities, Policy [Policy Text Block]	Major maintenance activities
Share-Based Payment Arrangement [Policy Text Block]	Stock-based compensation Black-Scholes and Monte Carlo models employ assumptions, based on management’s best estimates at the time of grant, which impact the calculation of fair value and ultimately, the amount of expense that is recognized over the life of the stock options or SAR award. These models use the following inputs: (i) the quoted market price of the Company’s common stock on the valuation date, (ii) the maximum stock price appreciation that an employee may For restricted stock, the grant date fair value is determined using the market value of the common stock on the date of grant. The stock-based compensation expense for equity awards is recognized over the requisite or derived service period, using the straight-line attribution method over the service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. Unless the awards contain a market condition, previously recognized expense related to forfeited awards is reversed in the period in which the forfeiture occurs. For awards containing a market condition, previously recognized stock-based compensation expense is not 15
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign currency transactions not
Income Tax, Policy [Policy Text Block]	Income taxes may Judgment is required in determining whether deferred tax assets will be realized in full or in part. Management assesses the available positive and negative evidence to estimate if existing deferred tax assets will be utilized, and when it is estimated to be more-likely-than- not not not In certain jurisdictions, the Company may not not may 16
Derivatives, Policy [Policy Text Block]	Derivative instruments and hedging activities may The Company records balances resulting from commodity risk management activities in the condensed consolidated balance sheets as either assets or liabilities measured at fair value. The Company has elected not 8
Fair Value Measurement, Policy [Policy Text Block]	Fair value three Level 1 Level 2 1 not Level 3 not
Nonrecurring Fair Value Measurements [Policy Text Block]	Nonrecurring Fair Value Measurements 3
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair value of financial instruments 8, 2 1 may may As of March 31, 2023 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 124 $ — $ 124 $ — $ 124 $ — $ 124 Liabilities SARs liability Accrued liabilities and other $ — $ 297 $ — $ 297 $ — $ 297 $ — $ 297 ` As of December 31, 2022 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 102 $ — $ 102 $ — $ 102 $ — $ 102 Liabilities SARs liability Accrued liabilities and other $ — $ 556 $ — $ 556 $ — $ 556 $ — $ 556
Earnings Per Share, Policy [Policy Text Block]	Earnings per Share 5
Other Net Policy [Policy Text Block]	Other, net
Comprehensive Income, Policy [Policy Text Block]	Other comprehensive income • Income and expenses are translated at the date of the transaction. • Assets and liabilities are translated at the prevailing rate on the balance sheet date. The exchange rate to convert Canadian dollars (“CAD") to US dollars (“USD”) at December 31, 2022 March 31, 2023

Note 1 - Organization and Acc_2

Note 1 - Organization and Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Cash, Cash Equivalents and Restricted Cash [Table Text Block]	As of March 31, 2023 2022 (in thousands) Cash and cash equivalents $ 52,119 $ 18,939 Restricted cash - current 76 4,230 Restricted cash - non-current 1,771 1,752 Abandonment funding 6,268 21,369 Total cash, cash equivalents and restricted cash $ 60,234 $ 46,290
Accounts Receivable, Allowance for Credit Loss [Table Text Block]	Three Months Ended March 31, 2023 2022 (in thousands) Allowance for credit losses and other Balance at beginning of period $ (8,704 ) $ (5,741 ) Credit loss charges and other, net of receipts (935 ) (492 ) Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023 (3,120 ) — Foreign currency gain (loss) (73 ) 98 Balance at end of period $ (12,832 ) $ (6,135 )
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	As of March 31, 2023 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 124 $ — $ 124 $ — $ 124 $ — $ 124 Liabilities SARs liability Accrued liabilities and other $ — $ 297 $ — $ 297 $ — $ 297 $ — $ 297 ` As of December 31, 2022 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 102 $ — $ 102 $ — $ 102 $ — $ 102 Liabilities SARs liability Accrued liabilities and other $ — $ 556 $ — $ 556 $ — $ 556 $ — $ 556

Note 3 - Acquisitions and Dis_2

Note 3 - Acquisitions and Dispositions (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	October 13, 2022 Measurement Period Adjustment October 13, 2022 (As Adjusted) (in thousands) (in thousands) (in thousands) Purchase Consideration Common stock issued to TransGlobe shareholders $ 274,145 $ — $ 274,145 October 13, 2022 October 13, 2022 October 13, 2022 (in thousands) (in thousands) (in thousands) Assets acquired: Cash $ 36,686 $ — $ 36,686 Wells, platforms and other production facilities 243,669 — 243,669 Equipment and other 2,099 — 2,099 Undeveloped acreage 30,216 — 30,216 Accounts receivable - trade 48,068 — 48,068 Accounts receivable - other 50,275 — 50,275 Accounts with joint venture owners 68 — 68 Right of use operating leases 1,609 — 1,609 Right of use financing leases 204 — 204 Prepayment and other 7,627 — 7,627 Liabilities assumed: - Asset retirement obligations (6,134 ) — (6,134 ) Accounts payable (10,223 ) — (10,223 ) Accrued liabilities and other (50,128 ) — (50,128 ) Operating lease liabilities - current portion (961 ) — (961 ) Financing lease liabilities - current portion (125 ) — (125 ) Operating lease liabilities - net of current portion (688 ) — (688 ) Financing lease liabilities - net of current portion (21 ) — (21 ) Deferred tax liabilities (40,964 ) (1,412 ) (42,376 ) Other long-term liabilities (26,313 ) — (26,313 ) Bargain purchase gain (10,819 ) 1,412 (9,407 ) Total purchase price $ 274,145 $ — $ 274,145
Business Acquisition, Pro Forma Information [Table Text Block]	Three Months Ended March 31, 2022 (in thousands) Pro forma (unaudited): Crude oil, natural gas and natural gas liquids sales $ 121,127 (a) Operating income $ 61,427 (b) Net income $ 31,039 (c) Basic net income per share: $ 0.29 Basic weighted average shares outstanding 108,009 Diluted net income per share: $ 0.29 Diluted weighted average shares outstanding 108,486

Note 4 - Segment Information (T

Note 4 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended March 31, 2023 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Revenues: Crude oil, natural gas and natural gas liquids sales $ 36,737 $ 34,784 $ 8,882 $ — $ — $ 80,403 Operating costs and expenses: Production expense 14,415 11,110 2,254 362 59 28,200 Exploration expense 8 — — — — 8 Depreciation, depletion and amortization 9,845 10,795 3,711 — 66 24,417 General and administrative expense 618 179 — 129 4,298 5,224 Credit losses and other 935 — — — — 935 Total operating costs and expenses 25,821 22,084 5,965 491 4,423 58,784 Operating income (loss) 10,916 12,700 2,917 (491 ) (4,423 ) 21,619 Other income (expense): Derivative instruments gain, net — — — — 21 21 Interest (expense) income, net (1,507 ) (808 ) (4 ) — 73 (2,246 ) Other income (expense), net 517 — — (1 ) (1,656 ) (1,140 ) Total other expense, net (990 ) (808 ) (4 ) (1 ) (1,562 ) (3,365 ) Income (loss) from continuing operations before income taxes 9,926 11,892 2,913 (492 ) (5,985 ) 18,254 Income tax expense 6,578 4,992 — — 3,201 14,771 Income (loss) from continuing operations 3,348 6,900 2,913 (492 ) (9,186 ) 3,483 Loss from discontinued operations, net of tax — — — — (13 ) (13 ) Net income (loss) $ 3,348 $ 6,900 $ 2,913 $ (492 ) $ (9,199 ) $ 3,470 Consolidated capital expenditures $ 3,689 $ 11,571 $ 10,165 $ — $ — $ 25,425 Three Months Ended March 31, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 68,656 $ — $ — $ 68,656 Operating costs and expenses: Production expense 18,081 219 60 18,360 Exploration expense 127 — — 127 Depreciation, depletion and amortization 4,653 — 20 4,673 General and administrative expense 593 99 4,302 4,994 Credit losses and other 492 — — 492 Total operating costs and expenses 23,946 318 4,382 28,646 Other operating expense, net (5 ) — — (5 ) Operating income 44,705 (318 ) (4,382 ) 40,005 Other income (expense): Derivative instruments loss, net — — (31,758 ) (31,758 ) Interest (expense) income, net (6 ) — 3 (3 ) Other expense, net (638 ) (1 ) (57 ) (696 ) Total other expense, net (644 ) (1 ) (31,812 ) (32,457 ) Income from continuing operations before income taxes 44,061 (319 ) (36,194 ) 7,548 Income tax (benefit) expense 7,858 — (12,486 ) (4,628 ) Income (loss) from continuing operations 36,203 (319 ) (23,708 ) 12,176 Loss from discontinued operations, net of tax — — (12 ) (12 ) Net income (loss) $ 36,203 $ (319 ) $ (23,720 ) $ 12,164 Consolidated capital expenditures $ 31,780 $ — $ — $ 31,780
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	(in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Long-lived assets from continuing operations: As of March 31, 2023 $ 209,127 $ 170,249 $ 109,824 $ 10,000 $ 753 $ 499,953 As of December 31, 2022 (1) 213,204 $ 168,012 $ 103,263 $ 10,000 $ 793 $ 495,272 (in thousands) Gabon Egypt Canada Equatorial Guinea Corporate and Other Total Total assets from continuing operations: As of March 31, 2023 $ 381,009 $ 270,629 $ 116,554 $ 11,013 $ 44,778 $ 823,983 As of December 31, 2022 (1) 395,393 $ 293,640 $ 110,071 $ 10,861 $ 45,676 $ 855,641

Note 5 - Earnings Per Share (Ta

Note 5 - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended March 31, 2023 2022 (in thousands) Net income (loss) (numerator): Income (loss) from continuing operations $ 3,483 $ 12,176 Income from continuing operations attributable to unvested shares 18 (140 ) Numerator for basic 3,501 12,036 Loss from continuing operations attributable to unvested shares (18 ) — Numerator for dilutive $ 3,483 $ 12,036 Loss from discontinued operations, net of tax $ (13 ) $ (12 ) Loss from discontinued operations attributable to unvested shares — — Numerator for basic (13 ) (12 ) (Income) loss from discontinued operations attributable to unvested shares — — Numerator for dilutive $ (13 ) $ (12 ) Net income (loss) $ 3,470 $ 12,164 Net income attributable to unvested shares (29 ) (139 ) Numerator for basic 3,441 12,025 Net (income) loss attributable to unvested shares (18 ) — Numerator for dilutive $ 3,423 $ 12,025 Weighted average shares (denominator): Basic weighted average shares outstanding 107,387 58,702 Effect of dilutive securities 1,365 477 Diluted weighted average shares outstanding 108,752 59,179 Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive 195 139

Note 6 - Revenue (Tables)

Note 6 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2023 2022 Revenues from customer contracts: (in thousands) Sales under the COSPA or COSMA $ 42,601 $ 76,486 Other items reported in revenue not associated with customer contracts: Carried interest recoupment — 1,112 Royalties (5,864 ) (8,942 ) Net revenues $ 36,737 $ 68,656 Three Months Ended March 31, 2023 Revenues from customer contracts: (in thousands) Gross sales $ 54,621 Royalties (19,340 ) Selling costs (497 ) Net revenues $ 34,784 Three Months Ended March 31, 2023 Revenues from customer contracts: (in thousands) Oil revenue $ 6,654 Gas revenue 958 NGL revenue 2,463 Royalties (1,193 ) Net revenues $ 8,882

Note 7 - Crude Oil, Natural G_2

Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Property, Plant and Equipment [Table Text Block]	As of March 31, 2023 As of December 31, 2022 (in thousands) Crude oil and natural gas properties and equipment - successful efforts method: Wells, platforms and other production facilities $ 1,432,823 $ 1,406,888 Work-in-progress — — Undeveloped acreage 53,999 56,251 Equipment and other 41,176 38,796 1,527,998 1,501,935 Accumulated depreciation, depletion, amortization and impairment (1,028,045 ) (1,006,663 ) Net crude oil and natural gas properties, equipment and other $ 499,953 $ 495,272
Collaborative Arrangement and Arrangement Other than Collaborative [Table Text Block]	Block Merged Concession South Ghazalat Year acquired (1) 2020 2013 Expiry date 2035 2039 Extensions Exploration N/A N/A Development + 5 years 20 + 5 years Production Tranche (MBopd) 0-25 0-5 Maximum cost oil 40 % 25 % Excess cost oil - Contractor 15 % 5 % Depreciation per quarter Operating 100 % 100 % Capital 6 % 5 % Production Sharing Oil: Contractor 30 %* 17 % Government 70 %* 83 %
Crude Oil Production [Table Text Block]	*Merged Concession profit oil is set on a scale according to average Brent price and production: Crude oil produced (MBopd) Brent Price ($/bbl) Less than or equal to 5 MBopd More than 5 MBopd and less than or equal to 10 MBopd More than 10 MBopd and less than or equal to 15 MBopd More than 15 MBopd and less than or equal to 25 MBopd More than 25 MBopd Government % Contractor % Government % Contractor % Government % Contractor % Government % Contractor % Government % Contractor % Less than or equal to $40/bbl 67 33 68 32 69 31 70 30 71 29 More than $40/bbl and less than or equal to $60/bbl 68 32 69 31 70 30 71 29 72 28 More than $60/bbl and less than or equal to $80/bbl 70 30 71 29 72 28 74 26 76 24 More than $80/bbl and less than or equal to $100/bbl 72.5 27.5 73 27 74 26 76 24 78 22 More than $100/bbl 75 25 76 24 77 23 78 22 80 20

Note 8 - Derivatives and Fair_2

Note 8 - Derivatives and Fair Value (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	Settlement Period Type of Contract Index Average Monthly Volumes Weighted Average Put Price Weighted Average Call Price (Bbls) (per Bbl) (per Bbl) April 2023 - June 2023 Collars Dated Brent 95,500 $ 65.00 $ 100.00 Settlement Period Type of Contract Index Average Monthly Volumes Weighted Average Put Price Weighted Average Call Price (Bbls) (per Bbl) (per Bbl) July 2023 - September 2023 Collars Dated Brent 95,000 $ 65.00 $ 96.00
Schedule of Derivative Instruments [Table Text Block]	Three Months Ended March 31, Derivative Item Statements of Operations Line 2023 2022 (in thousands) Commodity derivatives Cash settlements paid on matured derivative contracts, net $ (59 ) $ (12,500 ) Unrealized gain (loss) 80 (19,258 ) Derivative instruments gain (loss), net $ 21 $ (31,758 )

Note 9 - Accrued Liabilities _2

Note 9 - Accrued Liabilities and Other (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	As of March 31, 2023 As of December 31, 2022 (in thousands) Accrued accounts payable invoices $ 21,185 $ 28,360 Gabon DMO, PID and PIH obligations 11,569 10,509 Capital expenditures 27,850 26,618 Stock appreciation rights – current portion 297 570 Accrued wages and other compensation 2,626 8,161 ARO Obligation 260 306 Egypt modernization payments 9,373 9,933 Excess cost oil payable 1,297 — Other 6,250 6,935 Total accrued liabilities and other $ 80,707 $ 91,392

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Other Commitments [Table Text Block]	Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Maximum Amount that May Yet Be Used to Purchase Shares Under the Program January 1, 2023 - January 31, 2023 350,832 $ 4.27 350,832 $ 25,502,669 February 1, 2023 - February 28, 2023 326,992 $ 4.59 326,992 $ 24,003,172 March 1, 2023 - March 31, 2023 303,176 $ 4.95 303,176 $ 22,503,206 Total 981,000 981,000 Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Maximum Amount that May Yet Be Used to Purchase Shares Under the Program April 1, 2023 - April 30, 2023 303,969 $ 4.93 303,969 $ 21,003,245 May 1, 2023 - May 8, 2023 362,843 $ 4.14 362,843 $ 19,502,740 Total 666,812 666,812

Note 12 - Leases (Tables)

Note 12 - Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended March 31, 2023 2022 Lease cost: (in thousands) Finance lease cost (1) $ 4,365 $ 66 Operating lease cost 583 4,196 Short-term lease cost (2) 1,360 1,014 Variable lease cost (3) — 1,338 Total lease expense 6,308 6,614 Lease costs capitalized 48 772 Total lease costs $ 6,356 $ 7,386 Three Months Ended March 31, 2023 2022 Other information: Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows attributable to finance leases (in thousands) $ 1,701 $ — Weighted-average remaining lease term (in years) 9.33 5.42 Weighted-average discount rate 8.13 % 3.54 % Operating cash flows attributable to operating leases (in thousands) $ 226 $ 6,551 Weighted-average remaining lease term (in years) 1.14 0.73 Weighted-average discount rate 10.29 % 5.83 %
Summary of Lease Costs in Consolidated Statements of Operations [Table Text Block]	Three Months Ended March 31, 2023 2022 (in thousands) Finance lease cost $ 2,625 $ 39 Production expense 1,286 3,838 General and administrative expense 46 16 Lease costs billed to the joint venture owners 2,368 3,002 Total lease expense 6,325 6,895 Lease costs capitalized 31 491 Total lease costs $ 6,356 $ 7,386
Lessee, Operating and Finance Lease Liability, Maturity [Table Text Block]	Operating Leases Finance Leases Year (in thousands) 2023 $ 1,829 $ 10,377 2024 672 13,759 2025 33 15,559 2026 — 16,156 2027 — 15,023 Thereafter — 51,561 2,534 122,435 Less: imputed interest 127 35,058 Total lease liabilities $ 2,407 $ 87,377

Note 13 - Asset Retirement Ob_2

Note 13 - Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Change in Asset Retirement Obligation [Table Text Block]	(in thousands) As of March 31, 2023 As of December 31, 2022 Beginning balance $ 42,001 $ 40,694 Accretion 556 1,958 Additions — 6,134 Revisions 79 (43 ) Settlements (123 ) (6,577 ) Foreign currency gain (loss) 74 (165 ) Ending balance $ 42,587 $ 42,001

Note 14 - Shareholders' Equity

Note 14 - Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Stockholders Equity [Table Text Block]	Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Programs Maximum Amount that May Yet Be Used to Purchase Shares Under the Program January 1, 2023 - January 31, 2023 350,832 $ 4.27 350,832 $ 25,502,669 February 1, 2023 - February 28, 2023 326,992 $ 4.59 326,992 $ 24,003,172 March 1, 2023 - March 31, 2023 303,176 $ 4.95 303,176 $ 22,503,206 Total 981,000 981,000

Note 15 - Stock-based Compens_2

Note 15 - Stock-based Compensation and Other Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended March 31, 2023 2022 (in thousands) Stock-based compensation - equity awards $ 675 $ 404 Stock-based compensation - liability awards (26 ) 1,018 Total stock-based compensation $ 649 $ 1,422
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three Months Ended March 31, 2022 Weighted average exercise price - ($/share) $ 6.41 Expected life in years 6.0 Average expected volatility 72 % Risk-free interest rate 1.98 % Expected dividend yield 2.30 % Weighted average grant date fair value - ($/share) $ 2.84
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2023 444 $ 3.98 Granted — — Exercised (74 ) (1.68 ) Unvested shares forfeited — — Vested shares expired — — Outstanding at March 31, 2023 370 $ 4.40 8.30 $ 414 Exercisable at March 31, 2023 166 $ 3.91 8.15 $ 224 Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2023 387 $ 1.86 Granted — — Exercised (99 ) (1.50 ) Unvested shares forfeited — — Vested shares expired — — Outstanding at March 31, 2023 288 $ 1.98 0.81 $ 732 Exercisable at March 31, 2023 288 $ 1.98 0.81 $ 732
Nonvested Restricted Stock Shares Activity [Table Text Block]	Restricted Stock Weighted Average Grant Date Fair Value (in thousands) Non-vested shares outstanding at January 1, 2023 665 $ 4.59 Awards granted — — Awards vested (205 ) 4.82 Awards forfeited — — Non-vested shares outstanding at March 31, 2023 460 $ 4.49 Restricted Stock Weighted Average Conversion Date Fair Value (in thousands) Non-vested shares outstanding at January 1, 2023 383 $ 4.27 Awards granted — — Awards vested (121 ) 4.27 Awards forfeited (23 ) 4.27 Non-vested shares outstanding at March 31, 2023 239 $ 4.27
Share-Based Payment Arrangement, Performance Shares, Activity [Table Text Block]	Restricted Stock Weighted Average Conversion Date Fair Value (in thousands) Non-vested shares outstanding at January 1, 2023 690 $ 4.27 Awards granted — — Awards vested (134 ) 4.27 Awards forfeited (36 ) 4.27 Non-vested shares outstanding at March 31, 2023 520 $ 4.27
Share-Based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block]	Number of Shares Underlying SARs Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2023 202 $ 1.87 Granted — — Exercised (63 ) 0.86 Unvested SARs forfeited — — Vested SARs expired — — Outstanding at March 31, 2023 139 $ 2.33 0.92 $ 304 Exercisable at March 31, 2023 139 $ 2.33 0.92 $ 304

Note 16 - Income Taxes (Tables)

Note 16 - Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Three Months Ended March 31, 2023 2022 U.S. Federal: (in thousands) Current $ — $ — Deferred 586 (12,486 ) Foreign: Current 12,300 5,691 Deferred 1,885 2,167 Total $ 14,771 $ (4,628 )

Note 17 - Other Comprehensive_2

Note 17 - Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Currency Translation Adjustments (in thousands) Balance at December 31, 2022 $ 1,179 Accumulated other comprehensive income (loss) before reclassifications (125 ) Balance at March 31, 2023 $ 1,054

Note 1 - Organization and Acc_3

Note 1 - Organization and Accounting Policies (Details Textual) $ in Thousands				1 Months Ended	3 Months Ended					12 Months Ended
	Jan. 12, 2023 USD ($)	Jan. 01, 2023 USD ($)	Jan. 19, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 USD ($) $ / item	Dec. 31, 2022 USD ($) $ / item	Sep. 30, 2022 $ / item	Jun. 30, 2022 $ / item	Mar. 31, 2022 USD ($) $ / item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Oct. 13, 2022 USD ($)
Oil and Gas, Average Sale Price (in USD per Per Share) | $ / item					81	88	100	113	100
Payments for Abandonment Funding					$ 15,600						$ 0
Abandonment Funding Payment Due						$ 5,800
Reestablishment of Currency Denominated Account	$ 37,300
Abandonment Funding Payment Approved				$ 26,600	26,600
Abandonment Funding Payment Approved, Attributable to Company				15,600	15,600
Payment Received for Abandonment				15,600
Value Added Tax Receivable				14,900	14,900	13,900
Accounts Receivable, Credit Loss Expense (Reversal)					935				$ 492
Provision for Doubtful Accounts Transferred					300
Accounts Receivable, Allowance for Credit Loss				12,832	12,832	8,704			$ 6,135	$ 5,741
Prepayments for Fixed Assets				2,500	2,500
Prepaid Insurance				1,900	1,900
Advances to Contractors				2,200	2,200
Other Prepaid Expense, Current				$ 5,300	$ 5,300
Office Equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)				5 years	5 years
Leasehold Improvements [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)				7 years	7 years
Leasehold Improvements [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)				5 years	5 years
GABON
Prepaid Royalties				$ 1,600	$ 1,600
EGYPT
Prepaid Fuel				3,900	3,900
Tax Administration of Gabon [Member]
Provision for Value Added Tax					600
Block P Offshore Equatorial Guinea [Member]
Accounts Receivable, Allowance for Credit Loss				$ 300	300
Oil Delivery [Member]
Accounts Receivable, Credit Loss Expense (Reversal)					$ 400
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Other Receivables		$ 18,200
Accounts Receivable, Credit Loss Expense (Reversal)		3,100
Accounts Receivable, Allowance for Credit Loss		$ 3,100				$ 3,120				$ 0
Communaute Financiere Africaine BEAC, Francs
Foreign Currency Exchange Rate, Translation				602.976	602.976	612.6
Canada, Dollars
Foreign Currency Exchange Rate, Translation				0.738	0.738	0.739
Vaalco Energy Inc. and Other Etame Marin Block Owners [Member]
Value Added Tax Receivable				$ 22,900	$ 22,900	$ 21,800
TransGlobe [Member]
Merged Concession Agreement, Development Term (Year)			15 years
Merged Concession Agreement, Extension Term (Year)			5 years
Other Receivables			$ 67,500	50,300	50,300							$ 67,500
Proceeds From Other Receivables						$ 17,200
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member]
Accounts Payable, Other, Current				17,900	17,900
Other Accrued Liabilities, Current				2,500	2,500
Other, Net [Member]
Accounts Receivable, after Allowance for Credit Loss				$ 16,800	$ 16,800
Purchase Commitment [Member]
Number of Contracts Entered Into										2

Note 1 - Organization and Acc_4

Note 1 - Organization and Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Cash and cash equivalents	$ 52,119		$ 18,939
Restricted cash	76	$ 222	4,230
Restricted cash - non-current	1,771	1,763	1,752
Abandonment funding	6,268	$ 20,586	21,369
Total cash, cash equivalents and restricted cash	$ 60,234		$ 46,290

Note 1 - Organization and Acc_5

Note 1 - Organization and Accounting Policies - Analysis of Change in Allowance for Bad Debt (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2023	Mar. 31, 2023	Mar. 31, 2022
Balance at beginning of period	$ (8,704)	$ (8,704)	$ (5,741)
Credit loss charges and other, net of receipts		(935)	(492)
Foreign currency gain (loss)		(73)	98
Balance at end of period		(12,832)	(6,135)
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance at beginning of period	(3,120)	$ (3,120)	$ 0
Credit loss charges and other, net of receipts	(3,100)
Balance at end of period	$ (3,100)

Note 1 - Organization and Acc_6

Note 1 - Organization and Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets, Fair Value Disclosure	$ 124	$ 102
Liabilities, Fair Value Disclosure	297	556
Assets, Fair Value Disclosure	124	102
Liabilities, Fair Value Disclosure	297	556
Prepayments and Other [Member]
Derivative asset	124	102
Accrued Liabilities and Other [Member]
SARs liability	297	556
Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure	0	0
Liabilities, Fair Value Disclosure	0	0
Assets, Fair Value Disclosure	0	0
Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 1 [Member] | Prepayments and Other [Member]
Derivative asset	0	0
Fair Value, Inputs, Level 1 [Member] | Accrued Liabilities and Other [Member]
SARs liability	0	0
Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure	124	102
Liabilities, Fair Value Disclosure	297	556
Assets, Fair Value Disclosure	124	102
Liabilities, Fair Value Disclosure	297	556
Fair Value, Inputs, Level 2 [Member] | Prepayments and Other [Member]
Derivative asset	124	102
Fair Value, Inputs, Level 2 [Member] | Accrued Liabilities and Other [Member]
SARs liability	297	556
Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure	0	0
Liabilities, Fair Value Disclosure	0	0
Assets, Fair Value Disclosure	0	0
Liabilities, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Prepayments and Other [Member]
Derivative asset	0	0
Fair Value, Inputs, Level 3 [Member] | Accrued Liabilities and Other [Member]
SARs liability	$ 0	$ 0

Note 2 - New Accounting Stand_2

Note 2 - New Accounting Standards (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss	$ 12,832		$ 8,704	$ 6,135	$ 5,741
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounts Receivable, Allowance for Credit Loss		$ 3,100	$ 3,120		$ 0

Note 3 - Acquisitions and Dis_3

Note 3 - Acquisitions and Dispositions (Details Textual) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Oct. 13, 2022 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 $ / shares	Nov. 30, 2006
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares	$ 0.10	$ 0.10	$ 0.10
Block 5 PSA [Member]
Equity Method Investment, Ownership Percentage				40%
Equity Method Investment, Additional Working Interest Percentage				10%
Excluded From ProForma [Member] | TransGlobe [Member]
Asset Impairment Charges		$ 26
VAALCO Energy [Member] | VAALCO Stockholders [Member]
Estimated Ownership to Be Received, Percent	54.50%
VAALCO Energy [Member] | TransGlobe Shareholders [Member]
Estimated Ownership to Be Received, Percent	45.50%
TransGlobe [Member]
Business Acquisition, Exchange Ratio	0.6727
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares	49.3
Business Combination, Bargain Purchase, Increase (Decrease) of Gain Recognized, Amount		1.4
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		43.7
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		9.7
Business Combination, Bargain Purchase, Gain Recognized, Amount	$ 10.8	9.4
TransGlobe [Member] | Foreign Tax Authority [Member] | Egyptian Tax Authority [Member]
Business Combination, Deferred Tax Liability Assumed		$ 1.4

Note 3 - Acquisitions and Dis_4

Note 3 - Acquisitions and Dispositions - Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - TransGlobe [Member] $ in Thousands	Oct. 13, 2022 USD ($)
Common stock issued to TransGlobe shareholders	$ 274,145
Cash	36,686
Wells, platforms and other production facilities	243,669
Equipment and other	2,099
Undeveloped acreage	30,216
Accounts receivable - trade	48,068
Accounts receivable - other	50,275
Accounts with joint venture owners	68
Right of use operating leases	1,609
Right of use financing leases	204
Prepayment and other	7,627
Asset retirement obligations	(6,134)
Accounts payable	(10,223)
Accrued liabilities and other	(50,128)
Operating lease liabilities - current portion	(961)
Financing lease liabilities - current portion	(125)
Operating lease liabilities - net of current portion	(688)
Financing lease liabilities - net of current portion	(21)
Deferred tax liabilities	(40,964)
Other long-term liabilities	(26,313)
Bargain purchase gain	(10,819)
Total purchase price	274,145
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Common stock issued to TransGlobe shareholders	274,145
Cash	36,686
Wells, platforms and other production facilities	243,669
Equipment and other	2,099
Undeveloped acreage	30,216
Accounts receivable - trade	48,068
Accounts receivable - other	50,275
Accounts with joint venture owners	68
Right of use operating leases	1,609
Right of use financing leases	204
Prepayment and other	7,627
Asset retirement obligations	(6,134)
Accounts payable	(10,223)
Accrued liabilities and other	(50,128)
Operating lease liabilities - current portion	(961)
Financing lease liabilities - current portion	(125)
Operating lease liabilities - net of current portion	(688)
Financing lease liabilities - net of current portion	(21)
Deferred tax liabilities	(42,376)
Other long-term liabilities	(26,313)
Bargain purchase gain	(9,407)
Total purchase price	274,145
Cumulative Effect, Period of Adoption, Adjustment [Member]
Deferred tax liabilities	(1,412)
Bargain purchase gain	$ 1,412

Note 3 - Acquisition and Dispos

Note 3 - Acquisition and Dispositions - Unaudited Proforma Results (Details) - Etame Marine Block [Member] $ / shares in Units, shares in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Crude oil, natural gas and natural gas liquids sales	$ 121,127	[1]
Operating income	61,427,000	[2]
Net income	$ 31,039,000	[3]
Basic net income per share: (in dollars per share) | $ / shares	$ 0.29
Basic weighted average shares outstanding (in shares) | shares	108,009
Diluted net income per share: (in dollars per share) | $ / shares	$ 0.29
Diluted weighted average shares outstanding (in shares) | shares	108,486
[1]The unaudited pro forma net revenues associated with Crude oil, natural gas and natural gas liquids sales have been adjusted for shipping and handling costs based on the Company’s historical policy and revenue recognition is based on the Company’s working interest, less royalties, the entitlement method.[2]The unaudited pro forma operating income for the three months ended March 31, 2022 removes the $26.0 million impairment reversal recorded by TransGlobe in 2022, excludes $10.2 million of severance costs associated with the Arrangement, excludes $6.5 million of TransGlobe transaction costs associated with the Arrangement, reclassifies depreciation for certain leases identified as operating leases, to production expense and adjusts depreciation, depletion and amortization expense related to the depletable assets and asset retirement obligations acquired in the Arrangement based on the purchase price allocation.[3]The unaudited pro forma net income for the year ended March 31, 2022 excludes $14.6 million of transaction costs incurred by VAALCO associated with the Arrangement, excludes the bargain purchase gain of $9.4 million and reclassifies interest expense, for certain leases identified as operating leases, as production expense.

Note 4 - Segment Information (D

Note 4 - Segment Information (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	May 16, 2022 USD ($)
Number of Reportable Segments	2
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Glencore [Member] | Oil and Gas [Member]
Concentration Risk, Percentage	100%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Exxon [Member] | Oil and Gas [Member]
Concentration Risk, Percentage		100%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer One [Member] | CANADA
Concentration Risk, Percentage	59%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Two [Member] | CANADA
Concentration Risk, Percentage	21%
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | Mercuria [Member] | Oil and Gas [Member] | EGYPT
Concentration Risk, Percentage	100%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 50

Note 4 - Segment Information -

Note 4 - Segment Information - Segment Activity of Continuing Operations (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023		Mar. 31, 2022
Crude oil, natural gas and natural gas liquids sales		$ 80,403		$ 68,656
Production expense		28,200		18,360
Exploration expense		8		127
Depreciation, depletion and amortization		24,417		4,673
General and administrative expense		5,224		4,994
Accounts Receivable, Credit Loss Expense (Reversal)		935		492
Total operating costs and expenses		58,784		28,646
Operating income (loss)		21,619		40,005
Derivative instruments gain (loss), net		21		(31,758)
Interest expense, net		(2,246)		(3)
Other expense, net		(1,140)		(696)
Total other expense, net		(3,365)		(32,457)
Income (loss) from continuing operations before income taxes		18,254		7,548
Income tax expense		14,771		(4,628)
Income (loss) from continuing operations		3,483		12,176
Loss from discontinued operations, net of tax		(13)		(12)
Net income		3,470		12,164
Consolidated capital expenditures		25,425	[1]	31,780
Crude oil and natural gas sales		80,403		68,656
Production expense		28,200		18,360
Exploration expense		8		127
General and administrative expense		5,224		4,994
Total operating costs and expenses		58,784		28,646
Other operating expense, net		0		(5)
Derivative instruments loss, net		21		(31,758)
Interest (expense) income, net		(2,246)		(3)
Other expense, net		(1,140)		(696)
Total other expense, net		(3,365)		(32,457)
Income from continuing operations before income taxes		18,254		7,548
Income (loss) from continuing operations		3,483		12,176
Loss from discontinued operations, net of tax		(13)		(12)
Net income (loss)		3,470		12,164
Consolidated capital expenditures		25,425	[1]	31,780
Corporate, Non-Segment [Member]
Crude oil, natural gas and natural gas liquids sales		0		0
Production expense		59		60
Exploration expense		0		0
Depreciation, depletion and amortization		66		20
General and administrative expense		4,298		4,302
Accounts Receivable, Credit Loss Expense (Reversal)		0		0
Total operating costs and expenses		4,423		4,382
Operating income (loss)		(4,423)		(4,382)
Derivative instruments gain (loss), net		21		(31,758)
Interest expense, net		73		3
Other expense, net		(1,656)		(57)
Total other expense, net		(1,562)		(31,812)
Income (loss) from continuing operations before income taxes		(5,985)		(36,194)
Income tax expense		3,201		(12,486)
Income (loss) from continuing operations		(9,186)		(23,708)
Loss from discontinued operations, net of tax		(13)		(12)
Net income		(9,199)		(23,720)
Consolidated capital expenditures		0	[1]	0
Crude oil and natural gas sales		0		0
Production expense		59		60
Exploration expense		0		0
General and administrative expense		4,298		4,302
Total operating costs and expenses		4,423		4,382
Other operating expense, net				0
Derivative instruments loss, net		21		(31,758)
Interest (expense) income, net		73		3
Other expense, net		(1,656)		(57)
Total other expense, net		(1,562)		(31,812)
Income from continuing operations before income taxes		(5,985)		(36,194)
Income (loss) from continuing operations		(9,186)		(23,708)
Loss from discontinued operations, net of tax		(13)		(12)
Net income (loss)		(9,199)		(23,720)
Consolidated capital expenditures		0	[1]	0
Gabon Segment [Member] | Operating Segments [Member]
Crude oil, natural gas and natural gas liquids sales		36,737		68,656
Production expense		14,415		18,081
Exploration expense		8		127
Depreciation, depletion and amortization		9,845		4,653
General and administrative expense		618		593
Accounts Receivable, Credit Loss Expense (Reversal)		935		492
Total operating costs and expenses		25,821		23,946
Operating income (loss)		10,916		44,705
Derivative instruments gain (loss), net		0		0
Interest expense, net		(1,507)		(6)
Other expense, net		517		(638)
Total other expense, net		(990)		(644)
Income (loss) from continuing operations before income taxes		9,926		44,061
Income tax expense		6,578		7,858
Income (loss) from continuing operations		3,348		36,203
Loss from discontinued operations, net of tax		0		0
Net income		3,348		36,203
Consolidated capital expenditures		3,689	[1]	31,780
Crude oil and natural gas sales		36,737		68,656
Production expense		14,415		18,081
Exploration expense		8		127
General and administrative expense		618		593
Total operating costs and expenses		25,821		23,946
Other operating expense, net				(5)
Derivative instruments loss, net		0		0
Interest (expense) income, net		(1,507)		(6)
Other expense, net		517		(638)
Total other expense, net		(990)		(644)
Income from continuing operations before income taxes		9,926		44,061
Income (loss) from continuing operations		3,348		36,203
Loss from discontinued operations, net of tax		0		0
Net income (loss)		3,348		36,203
Consolidated capital expenditures		3,689	[1]	31,780
Egypt [Member] | Operating Segments [Member]
Crude oil, natural gas and natural gas liquids sales		34,784
Production expense		11,110
Exploration expense		0
Depreciation, depletion and amortization		10,795
General and administrative expense		179
Accounts Receivable, Credit Loss Expense (Reversal)		0
Total operating costs and expenses		22,084
Operating income (loss)		12,700
Interest expense, net		(808)
Other expense, net		0
Total other expense, net		(808)
Income (loss) from continuing operations before income taxes		11,892
Income tax expense		4,992
Income (loss) from continuing operations		6,900
Loss from discontinued operations, net of tax		0
Net income		6,900
Consolidated capital expenditures	[1]	11,571
Crude oil and natural gas sales		34,784
Production expense		11,110
Exploration expense		0
General and administrative expense		179
Total operating costs and expenses		22,084
Interest (expense) income, net		(808)
Other expense, net		0
Total other expense, net		(808)
Income from continuing operations before income taxes		11,892
Income (loss) from continuing operations		6,900
Loss from discontinued operations, net of tax		0
Net income (loss)		6,900
Consolidated capital expenditures	[1]	11,571
Canada [Member] | Operating Segments [Member]
Crude oil, natural gas and natural gas liquids sales		8,882
Production expense		2,254
Exploration expense		0
Depreciation, depletion and amortization		3,711
General and administrative expense		0
Accounts Receivable, Credit Loss Expense (Reversal)		0
Total operating costs and expenses		5,965
Operating income (loss)		2,917
Interest expense, net		(4)
Other expense, net		0
Total other expense, net		(4)
Income (loss) from continuing operations before income taxes		2,913
Income tax expense		0
Income (loss) from continuing operations		2,913
Loss from discontinued operations, net of tax		0
Net income		2,913
Consolidated capital expenditures	[1]	10,165
Crude oil and natural gas sales		8,882
Production expense		2,254
Exploration expense		0
General and administrative expense		0
Total operating costs and expenses		5,965
Interest (expense) income, net		(4)
Other expense, net		0
Total other expense, net		(4)
Income from continuing operations before income taxes		2,913
Income (loss) from continuing operations		2,913
Loss from discontinued operations, net of tax		0
Net income (loss)		2,913
Consolidated capital expenditures	[1]	10,165
Equatorial Guinea Segment [Member] | Operating Segments [Member]
Crude oil, natural gas and natural gas liquids sales		0		0
Production expense		362		219
Exploration expense		0		0
Depreciation, depletion and amortization		0		0
General and administrative expense		129		99
Accounts Receivable, Credit Loss Expense (Reversal)		0		0
Total operating costs and expenses		491		318
Operating income (loss)		(491)		(318)
Derivative instruments gain (loss), net				0
Interest expense, net		0		0
Other expense, net		(1)		(1)
Total other expense, net		(1)		(1)
Income (loss) from continuing operations before income taxes		(492)		(319)
Income tax expense		0		0
Income (loss) from continuing operations		(492)		(319)
Loss from discontinued operations, net of tax		0		0
Net income		(492)		(319)
Consolidated capital expenditures		0	[1]	0
Crude oil and natural gas sales		0		0
Production expense		362		219
Exploration expense		0		0
General and administrative expense		129		99
Total operating costs and expenses		491		318
Other operating expense, net				0
Derivative instruments loss, net				0
Interest (expense) income, net		0		0
Other expense, net		(1)		(1)
Total other expense, net		(1)		(1)
Income from continuing operations before income taxes		(492)		(319)
Income (loss) from continuing operations		(492)		(319)
Loss from discontinued operations, net of tax		0		0
Net income (loss)		(492)		(319)
Consolidated capital expenditures		$ 0	[1]	$ 0
[1]Excludes assets acquired in the TransGlobe acquisition.

Note 4 - Segment Information _2

Note 4 - Segment Information - Assets from Continuing Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2023		Dec. 31, 2022	[2]
Long-lived assets from continuing operations	$ 499,953	[1]	$ 495,272
Total assets from continuing operations	823,983	[3]	855,641
Operating Segments [Member] | Gabon Segment [Member]
Long-lived assets from continuing operations	209,127	[1]	213,204
Total assets from continuing operations	381,009	[3]	395,393
Operating Segments [Member] | Egypt [Member]
Long-lived assets from continuing operations	170,249	[1]	168,012
Total assets from continuing operations	270,629	[3]	293,640
Operating Segments [Member] | Canada [Member]
Long-lived assets from continuing operations	109,824	[1]	103,263
Total assets from continuing operations	116,554	[3]	110,071
Operating Segments [Member] | Equatorial Guinea Segment [Member]
Long-lived assets from continuing operations	10,000	[1]	10,000
Total assets from continuing operations	11,013	[3]	10,861
Corporate, Non-Segment [Member]
Long-lived assets from continuing operations	753	[1]	793
Total assets from continuing operations	$ 44,778	[3]	$ 45,676
[1]Includes assets acquired in the TransGlobe acquisition[2]Includes assets acquired in the Sasol acquisition[3]Includes assets acquired in the TransGlobe acquisition

Note 5 - Earnings Per Share - R

Note 5 - Earnings Per Share - Reconciliation of Basic and Diluted EPS and Shares (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income (loss) from continuing operations	$ 3,483	$ 12,176
Income from continuing operations attributable to unvested shares	18	(140)
Numerator for basic	(3,501)	(12,036)
Loss from continuing operations attributable to unvested shares	(18)	0
Numerator for dilutive	3,483	12,036
Loss from discontinued operations, net of tax	(13)	(12)
Loss from discontinued operations attributable to unvested shares	0	0
Numerator for basic	(13)	(12)
(Income) loss from discontinued operations attributable to unvested shares	0	0
Numerator for dilutive	(13)	(12)
Net income (loss)	3,470	12,164
Net income attributable to unvested shares	(29)	(139)
Numerator for basic	3,441	12,025
Net (income) loss attributable to unvested shares	(18)	0
Numerator for dilutive	$ 3,423	$ 12,025
Basic weighted average shares outstanding (in shares)	107,387	58,702
Effect of dilutive securities (in shares)	1,365	477
Diluted weighted average shares outstanding (in shares)	108,752	59,179
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive (in shares)	195	139

Note 6 - Revenue (Details Textu

Note 6 - Revenue (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Jun. 20, 2026	Dec. 31, 2022
Recovery Cost Assigned, Percent	100%
Minimum [Member]
Recovery Cost Assigned, Percent	5%
Cost of Oil, Percent	25%
Allocation of Profit, Percent	67%
Maximum [Member]
Recovery Cost Assigned, Percent	15%
Cost of Oil, Percent	40%
Allocation of Profit, Percent	84%
Egyptian General Petroleum Corporation (EGPC), Merged Concession Agreement [Member]
Ownership Percentage	50%
Egyptian General Petroleum Corporation (EGPC), South Ghazalat Concession Agreement [Member]
Ownership Percentage	50%
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Foreign Tax Authority [Member] | Tax Administration of Gabon [Member]
Income Taxes Receivable	$ 4.5		$ 2.8
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Vaalco Energy Inc. and Other Etame Marin Block Owners [Member]
Working Interest Ownership, Percentage	7.50%
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Vaalco Energy Inc. and Other Etame Marin Block Owners [Member] | Forecast [Member]
Working Interest Ownership, Percentage		10%
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Government of Gabon [Member]
Monthly Royalty Rate, Based on Production at the Published Price	13%

Note 6 - Revenue - Revenues fro

Note 6 - Revenue - Revenues from Contracts with Customers and Other Items Not Associated with Customer Contracts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Crude oil and natural gas sales	$ 80,403	$ 68,656
Selling costs	(497)
Crude oil, natural gas and natural gas liquids sales	80,403	68,656
CANADA
Royalties	(1,193)
Crude oil and natural gas sales	8,882
Royalties	(1,193)
Crude oil, natural gas and natural gas liquids sales	8,882
EGYPT
Royalties	(19,340)
Crude oil and natural gas sales	34,784
Gross sales	54,621
Royalties	(19,340)
Crude oil, natural gas and natural gas liquids sales	34,784
Revenue	54,621
Crude Oil [Member] | CANADA
Gross sales	6,654
Revenue	6,654
Gas [Member] | CANADA
Gross sales	958
Revenue	958
Crude Oil Sales and Purchase Agreements [Member]
Sales under the COSPA or COSMA	42,601	76,486
Revenue	42,601	76,486
Natural Gas Liquids [Member] | CANADA
Sales under the COSPA or COSMA	2,463
Revenue	2,463
Carried Interest Recoupment [Member]
Other items reported in revenue not associated with customer contracts	0	1,112
Oil and Gas [Member]
Royalties	(5,864)	(8,942)
Crude oil and natural gas sales	36,737	68,656
Royalties	(5,864)	(8,942)
Crude oil, natural gas and natural gas liquids sales	$ 36,737	$ 68,656

Note 7 - Crude Oil, Natural G_3

Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment (Details Textual) $ in Millions

1 Months Ended

3 Months Ended

12 Months Ended

Jun. 20, 2026

Jan. 20, 2022 USD ($)

Sep. 25, 2018

Feb. 28, 2023 USD ($)

Sep. 30, 2022 ha

Mar. 31, 2023 USD ($)

Dec. 31, 2020 USD ($)

Sep. 16, 2028

Dec. 31, 2022 USD ($)

Oct. 13, 2022 USD ($)

Apr. 30, 2021

Apr. 12, 2021

Feb. 25, 2021 USD ($)

Mar. 31, 2020 USD ($)

Sep. 17, 2018 USD ($)

Dec. 31, 2012

Block P Offshore Equatorial Guinea [Member]

Business Acquisition, Percentage of Voting Interests Acquired

31%

Additional Ownership Interest Acquired

12%

Asset Acquisition, Percent Interest Acquired

43%

Asset Acquisition, Contingent Consideration Arrangements, Range of Outcomes, Value, High

$ 3.1

Etame Marine Block [Member]

Unproved Oil and Gas Property, Successful Effort Method

$ 2.2

EQUATORIAL GUINEA

Effective Statutory Income Tax Rate, Percent

25%

EGYPT

Undeveloped Leasehold Value

$ 13.6

$ 13.6

CANADA

Undeveloped Leasehold Value

$ 16.7

$ 16.7

Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member]

Deferred Tax Assets, Property, Plant and Equipment

$ 18.6

Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Signing Bonus [Member]

Capitalized Costs, Unproved Properties

6.7

Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Tax Effect [Member]

Capitalized Costs, Unproved Properties

$ 7.1

Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Forecast [Member] | Etame Marine Block [Member]

Increase (Decrease) in Working Interest Ownership Percentage

1.60%

Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Vaalco Energy Inc. and Other Etame Marin Block Owners [Member]

Entitled Percent for Consortium After Initial Royalty Percentage

80%

Period of Agreement for Exploitation Areas (Year)

10 years

Working Interest Ownership, Percentage

7.50%

Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Vaalco Energy Inc. and Other Etame Marin Block Owners [Member] | Forecast [Member]

Entitled Percent for Consortium After Initial Royalty Percentage

70%

Working Interest Ownership, Percentage

10%

Merged Concession Agreement with EGPC [Member]

Number of Concession Agreements Merged

3

Concession Agreement, Term (Year)

15 years

Annual Modernization Payments

$ 10

Credit issued Against Receivables

10

Minimum Financial Work Commitments

$ 50

Financial Work Commitments Duration (Year)

5 years

Etame Marine Block [Member]

Joint Venture Project, Ownership, Percent

63.575%

Unproved Oil and Gas Property, Successful Effort Method

$ 2.3

Undeveloped Leasehold Value

$ 13.7

$ 11.5

Etame Marine Block [Member] | Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member]

Number of Contract Extension Periods

2

Production License Agreement Term Extended by Government (Year)

5 years

Etame Marine Block [Member] | Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Forecast [Member]

Increase (Decrease) in Working Interest Ownership Percentage

2.50%

Block P Offshore Equatorial Guinea [Member]

Joint Venture Project, Ownership, Percent

60%

45.90%

Period of Development Area (Year)

25 years

25 years

Area of Land (Hectare) | ha

23,144

Cost Oil Maximum, Percent

70%

Asset Acquisition, Contingent Consideration Arrangements, Range of Outcomes, Value, High

$ 6.8

Joint Venture Project, Additional Working Interest Percentage

14.10%

Unproved Oil and Gas Property, Successful Effort Method

$ 10

Block P Offshore Equatorial Guinea [Member] | Crown Energy [Member]

Working Interest Ownership, Percentage

5%

Block P Offshore Equatorial Guinea [Member] | Royalty for the First 10,000 bopd [Member]

Percent of Oil Profit

10%

Block P Offshore Equatorial Guinea [Member] | Royalty for the 10,000 bopd to 25,000 bopd Tranche [Member]

Percent of Oil Profit

11%

Block P Offshore Equatorial Guinea [Member] | The States Share of Oil Profit Up to 25 Million bbl [Member]

Percent of Oil Profit

10%

Block P Offshore Equatorial Guinea [Member] | The States Share of Oil Profit Up to 25 to 50 Million bbl [Member]

Percent of Oil Profit

20%

Venus Development [Member]

Area of Land (Hectare) | ha

8,476

Note 7 - Crude Oil and Natural

Note 7 - Crude Oil and Natural Gas Properties and Equipment - Schedule of Crude Oil and Natural Gas Properties and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Gross crude oil and natural gas properties, equipment and other	$ 1,527,998	$ 1,501,935
Accumulated depreciation, depletion, amortization and impairment	(1,028,045)	(1,006,663)
Net crude oil and natural gas properties, equipment and other	499,953	495,272
Wells and Related Equipment and Facilities [Member]
Gross crude oil and natural gas properties, equipment and other	1,432,823	1,406,888
Construction in Progress [Member]
Gross crude oil and natural gas properties, equipment and other	0	0
Undeveloped Acreage [Member]
Gross crude oil and natural gas properties, equipment and other	53,999	56,251
Other Capitalized Property Plant and Equipment [Member]
Gross crude oil and natural gas properties, equipment and other	$ 41,176	$ 38,796

Note 7 - Crude Oil, Natural G_4

Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment - Contract Terms (Details)	3 Months Ended
	Mar. 31, 2023 MMBbls
Merged Concession [Member]
Year acquired (1)	2020	[1]
Development (Year)	5 years
Maximum cost oil	40%
Excess cost oil - Contractor	15%
Operating	100%
Capital	6%
Contractor	30%
Government	70%
Merged Concession [Member] | Minimum [Member]
Production Tranche (MBopd) (Million Barrels of Oil)	0
Merged Concession [Member] | Maximum [Member]
Production Tranche (MBopd) (Million Barrels of Oil)	25
Egyptian General Petroleum Corporation (EGPC), South Ghazalat Concession Agreement [Member]
Year acquired (1)	2013	[1]
Development (Year)	25 years
Maximum cost oil	25%
Excess cost oil - Contractor	5%
Operating	100%
Capital	5%
Contractor	17%
Government	83%
Egyptian General Petroleum Corporation (EGPC), South Ghazalat Concession Agreement [Member] | Minimum [Member]
Production Tranche (MBopd) (Million Barrels of Oil)	0
Egyptian General Petroleum Corporation (EGPC), South Ghazalat Concession Agreement [Member] | Maximum [Member]
Production Tranche (MBopd) (Million Barrels of Oil)	5
[1]Represents the year acquired by TransGlobe, prior to the Arrangement.

Note 7 - Crude Oil, Natural G_5

Note 7 - Crude Oil, Natural Gas and NGLs Properties and Equipment - Crude Oil Production (Details)	Mar. 31, 2023
Government [Member] | Less Than or Equal to $40 bbl [Member] | Less Than or Equal to 5 MBopd [Member]
Percent of oil production assigned	67%
Government [Member] | Less Than or Equal to $40 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member]
Percent of oil production assigned	68%
Government [Member] | Less Than or Equal to $40 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member]
Percent of oil production assigned	69%
Government [Member] | Less Than or Equal to $40 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member]
Percent of oil production assigned	70%
Government [Member] | Less Than or Equal to $40 bbl [Member] | More Than 25 MBopd [Member]
Percent of oil production assigned	71%
Government [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | Less Than or Equal to 5 MBopd [Member]
Percent of oil production assigned	68%
Government [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member]
Percent of oil production assigned	69%
Government [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member]
Percent of oil production assigned	70%
Government [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member]
Percent of oil production assigned	71%
Government [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | More Than 25 MBopd [Member]
Percent of oil production assigned	72%
Government [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | Less Than or Equal to 5 MBopd [Member]
Percent of oil production assigned	70%
Government [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member]
Percent of oil production assigned	71%
Government [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member]
Percent of oil production assigned	72%
Government [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member]
Percent of oil production assigned	74%
Government [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | More Than 25 MBopd [Member]
Percent of oil production assigned	76%
Government [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | Less Than or Equal to 5 MBopd [Member]
Percent of oil production assigned	72.50%
Government [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member]
Percent of oil production assigned	73%
Government [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member]
Percent of oil production assigned	74%
Government [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member]
Percent of oil production assigned	76%
Government [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | More Than 25 MBopd [Member]
Percent of oil production assigned	78%
Government [Member] | More Than $100 bbl [Member] | Less Than or Equal to 5 MBopd [Member]
Percent of oil production assigned	75%
Government [Member] | More Than $100 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member]
Percent of oil production assigned	76%
Government [Member] | More Than $100 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member]
Percent of oil production assigned	77%
Government [Member] | More Than $100 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member]
Percent of oil production assigned	78%
Government [Member] | More Than $100 bbl [Member] | More Than 25 MBopd [Member]
Percent of oil production assigned	80%
Contractor [Member] | Less Than or Equal to $40 bbl [Member] | Less Than or Equal to 5 MBopd [Member]
Percent of oil production assigned	33%
Contractor [Member] | Less Than or Equal to $40 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member]
Percent of oil production assigned	32%
Contractor [Member] | Less Than or Equal to $40 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member]
Percent of oil production assigned	31%
Contractor [Member] | Less Than or Equal to $40 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member]
Percent of oil production assigned	30%
Contractor [Member] | Less Than or Equal to $40 bbl [Member] | More Than 25 MBopd [Member]
Percent of oil production assigned	29%
Contractor [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | Less Than or Equal to 5 MBopd [Member]
Percent of oil production assigned	32%
Contractor [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member]
Percent of oil production assigned	31%
Contractor [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member]
Percent of oil production assigned	30%
Contractor [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member]
Percent of oil production assigned	29%
Contractor [Member] | More Than $40/bbl and Less Than or Equal to $60 bbl [Member] | More Than 25 MBopd [Member]
Percent of oil production assigned	28%
Contractor [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | Less Than or Equal to 5 MBopd [Member]
Percent of oil production assigned	30%
Contractor [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member]
Percent of oil production assigned	29%
Contractor [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member]
Percent of oil production assigned	28%
Contractor [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member]
Percent of oil production assigned	26%
Contractor [Member] | More Than $60/bbl and Less Than or Equal to $80 bbl [Member] | More Than 25 MBopd [Member]
Percent of oil production assigned	24%
Contractor [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | Less Than or Equal to 5 MBopd [Member]
Percent of oil production assigned	27.50%
Contractor [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member]
Percent of oil production assigned	27%
Contractor [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member]
Percent of oil production assigned	26%
Contractor [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member]
Percent of oil production assigned	24%
Contractor [Member] | More Than $80/bbl and Less Than or Equal to $100 bbl [Member] | More Than 25 MBopd [Member]
Percent of oil production assigned	22%
Contractor [Member] | More Than $100 bbl [Member] | Less Than or Equal to 5 MBopd [Member]
Percent of oil production assigned	25%
Contractor [Member] | More Than $100 bbl [Member] | More Than 5 MBopd and Less Than or Equal to 10 MBopd [Member]
Percent of oil production assigned	24%
Contractor [Member] | More Than $100 bbl [Member] | More Than 10 MBopd and Less Than or Equal to 15 MBopd [Member]
Percent of oil production assigned	23%
Contractor [Member] | More Than $100 bbl [Member] | More Than 15 MBopd and Less Than or Equal to 25 MBopd [Member]
Percent of oil production assigned	22%
Contractor [Member] | More Than $100 bbl [Member] | More Than 25 MBopd [Member]
Percent of oil production assigned	20%

Note 8 - Derivatives and Fair_3

Note 8 - Derivatives and Fair Value - Unexpired Barrels (Details)	Apr. 03, 2023 $ / bbl bbl	Mar. 31, 2023 $ / item $ / bbl bbl
Commodity Contract One, April 2023 Through June 2023 [Member]
Barrels (Barrel of Oil) | bbl		95,500
Weighted average price put price (in USD per Barrel of Oil)		65
Weighted average price call price (in USD per Per Share) | $ / item		100
Commodity Contract July 2023 to September 2023 [Member] | Short [Member] | Forecast [Member]
Barrels (Barrel of Oil) | bbl	95,000
Weighted average price put price (in USD per Barrel of Oil)	65
Weighted average price call price (in USD per Per Share)	96

Note 8 - Derivatives and Fair_4

Note 8 - Derivatives and Fair Value - Gain Loss on Derivative Instruments (Details) - Crude Oil Swaps [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative instruments loss, net	$ 21	$ (31,758)
Cash Settlements Paid on Matured Derivative Contracts, Net [Member]
Derivative instruments loss, net	(59)	(12,500)
Unrealized Gain (Loss) [Member]
Derivative instruments loss, net	$ 80	$ (19,258)

Note 9 - Accrued Liabilities _3

Note 9 - Accrued Liabilities and Other - Schedule of Accrued Liabilities and Other Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued accounts payable invoices	$ 21,185	$ 28,360
Gabon DMO, PID and PIH obligations	11,569	10,509
Capital expenditures	27,850	26,618
Stock appreciation rights – current portion	297	570
Accrued wages and other compensation	2,626	8,161
ARO Obligation	260	306
Egypt modernization payments	9,373	9,933
Excess cost oil payable	1,297	0
Other	6,250	6,935
Total accrued liabilities and other	$ 80,707	$ 91,392

Note 10 - Commitments and Con_3

Note 10 - Commitments and Contingencies (Details Textual)

3 Months Ended

12 Months Ended

36 Months Ended

May 09, 2023 $ / shares

Feb. 14, 2023 $ / shares

Nov. 01, 2022 USD ($)

Aug. 20, 2022 USD ($)

Feb. 01, 2022 USD ($)

Jan. 20, 2022 USD ($)

Mar. 31, 2023 USD ($)

Mar. 31, 2022 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2020 USD ($)

Dec. 31, 2016

Dec. 31, 2021

Feb. 01, 2026 USD ($)

Feb. 01, 2025 USD ($)

Feb. 28, 2023 USD ($)

Oct. 13, 2022 USD ($)

Jan. 19, 2022 USD ($)

Nov. 30, 2021 USD ($)

Sep. 30, 2020

Estimated Abandonment Costs

$ 47,800,000

Abandonment Funding

$ 6,268,000

$ 21,369,000

$ 20,586,000

Payments for Abandonment Funding

15,600,000

$ 0

Dividends Payable, Amount Per Share (in dollars per share) | $ / shares

$ 0.0625

Stock Repurchase Program, Authorized Amount

$ 24,003,172

Increase (Decrease) in Other Receivables

2,309,000

$ 1,723,000

Dividends Payable, Date Declared

Feb. 14, 2023

Dividends Payable, Date to be Paid

Mar. 31, 2023

Parent Company [Member]

Contractual Obligation, Total

26,300,000

Parent Company [Member] | Accrued Liabilities and Other [Member]

Contractual Obligation, Total

9,400,000

Parent Company [Member] | Other Long-term Liabilities [Member]

Contractual Obligation, Total

17,000,000

TransGlobe [Member]

Other Receivables

50,300,000

$ 67,500,000

$ 67,500,000

Egyptian General Petroleum Corporation (EGPC) [Member]

Contractual Obligation, Total

$ 150,000,000

Increase (Decrease) in Other Receivables

$ (10,000,000)

Development Timeframe (Year)

5 years

Egyptian General Petroleum Corporation (EGPC) [Member] | Minimum [Member]

Contractual Obligation, Total

$ 50,000,000

Sogara [Member]

Other Receivables

20,300,000

Share Buyback Program [Member]

Stock Repurchase Program, Authorized Amount

$ 30,000,000

Stock Repurchase Program, Period in Force (Month)

20 months

Subsequent Event [Member]

Dividends Payable, Amount Per Share (in dollars per share) | $ / shares

$ 0.0625

Dividends Payable, Date Declared

May 09, 2023

Dividends Payable, Date to be Paid

Jun. 23, 2023

Foreign Tax Authority [Member] | Tax Administration of Gabon [Member]

Income Tax Examination, Year under Examination

2013 2014

2015 2016

FPSO Charter [Member]

Number of Charter Extension Periods

2

Charter Day Rates

$ 150,000

Other Demobilization Fees, Gross

15,300,000

Other Demobilization Fees, Net

$ 8,900,000

Etame Marine Block [Member]

Abandonment Funding

6,300,000

Payments for Abandonment Funding

15,600,000

Etame Marine Block [Member]

Estimated Abandonment Costs

$ 81,300,000

Abandonment Funding

10,700,000

Payments for Abandonment Funding

$ 26,600,000

Egyptian General Petroleum Corporation (EGPC) [Member] | Merged Concession Agreement [Member]

Payments for Merger Related Costs, First Modernization Payment

$ 15,000,000

Payments for Merger Related Costs, Signature Bonus

$ 1,000,000

Payments for Merger Related Costs, Second Modernization Payment

$ 10,000,000

Egyptian General Petroleum Corporation (EGPC) [Member] | Merged Concession Agreement [Member] | Forecast [Member]

Contractual Obligation, Total

$ 10,000,000

$ 10,000,000

Note 10 - Commitments and Con_4

Note 10 - Commitments and Contingencies - Schedule of Equity Securities Repurchased (Details) - USD ($)			1 Months Ended					3 Months Ended
	May 08, 2023	Jan. 01, 2023	May 08, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Mar. 31, 2023
Number of Shares Purchased (in shares)						326,992		981,000
Average Price Paid per Share (in dollars per share)						$ 4.59
Stock Repurchase Program, Authorized Amount						$ 24,003,172
Number of Shares Purchased (in shares)						326,992		981,000
Average Price Paid per Share (in dollars per share)						$ 4.59
Authorized Amount						$ 24,003,172
Shares Purchased as Part of Publicly Announced Programs [Member]
Number of Shares Purchased (in shares)					981,000			981,000
Number of Shares Purchased (in shares)					981,000			981,000
Shares Purchased as Part of Publicly Announced Programs [Member] | Subsequent Event [Member]
Number of Shares Purchased (in shares)			666,812
Number of Shares Purchased (in shares)			666,812
Share Repurchase Program [Member] | Subsequent Event [Member]
Number of Shares Purchased (in shares)			666,812
Number of Shares Purchased (in shares)			666,812
Common Stock [Member]
Number of Shares Purchased (in shares)					303,176		350,832
Average Price Paid per Share (in dollars per share)					$ 4.95		$ 4.27
Stock Repurchase Program, Authorized Amount					$ 22,503,206		$ 25,502,669	$ 22,503,206
Number of Shares Purchased (in shares)					303,176		350,832
Average Price Paid per Share (in dollars per share)					$ 4.95		$ 4.27
Authorized Amount					$ 22,503,206		$ 25,502,669	22,503,206
Common Stock [Member] | Shares Purchased as Part of Publicly Announced Programs [Member]
Number of Shares Purchased (in shares)		350,832			303,176	326,992	350,832
Average Price Paid per Share (in dollars per share)					$ 4.95	$ 4.59	$ 4.27
Stock Repurchase Program, Authorized Amount		$ 25,502,669			$ 22,503,206	$ 24,003,172		22,503,206
Number of Shares Purchased (in shares)		350,832			303,176	326,992	350,832
Average Price Paid per Share (in dollars per share)					$ 4.95	$ 4.59	$ 4.27
Authorized Amount		$ 25,502,669			$ 22,503,206	$ 24,003,172		$ 22,503,206
Common Stock [Member] | Shares Purchased as Part of Publicly Announced Programs [Member] | Subsequent Event [Member]
Number of Shares Purchased (in shares)	362,843			303,969
Average Price Paid per Share (in dollars per share)	$ 4.14			$ 4.93
Stock Repurchase Program, Authorized Amount	$ 19,502,740		$ 19,502,740	$ 21,003,245
Number of Shares Purchased (in shares)	362,843			303,969
Average Price Paid per Share (in dollars per share)	$ 4.14			$ 4.93
Authorized Amount	$ 19,502,740		$ 19,502,740	$ 21,003,245

Note 11 - Debt (Details Textual

Note 11 - Debt (Details Textual) $ in Thousands, $ in Millions			1 Months Ended
	May 16, 2025	May 16, 2022 USD ($)	Oct. 31, 2022 CAD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Long-Term Debt, Total				$ 0	$ 0
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 50,000
The Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		50,000
Line of Credit Facility, Maximum Optional Increase in Maximum Borrowing Capacity		50,000
Line of Credit Facility, Additional Commitment in Maximum Borrowing Capacity, Yearly Decrease		$ 6,250
Line of Credit Facility, Commitment Fee Percentage, Commitments or Borrowing Base Exceeds Outstanding Utilizations		35%
Line of Credit Facility, Commitment Fee Percentage, Total Commitments Exceeds Borrowing Base		20%
Debt Instrument, Covenant, Maximum Total Net Debt to EBITDA		3
Debt Instrument, Covenant, Minimum Cash and Cash Equivalents		$ 10,000
Line of Credit Facility, Current Borrowing Capacity				50,000
Long-Term Line of Credit				0
Debt Issuance Costs, Net		1,800
Debt Issuance Costs, Gross		2,100
Amortization of Debt Issuance Costs		$ 300
The Facility [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		6%
The Facility [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Forecast [Member]
Debt Instrument, Basis Spread on Variable Rate	6.25%
ATB Financial [Member] | TransGlobe [Member]
Repayments of Long-Term Lines of Credit			$ 4.1
Glencore [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 50,000

Note 12 - Leases (Details Textu

Note 12 - Leases (Details Textual) $ in Millions	Mar. 31, 2023 USD ($)
Oil and Gas Joint Interest Billing Receivables	$ 51.5
Lessee, Operating And Finance Lease Liability, Payments Due	$ 125
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Month)	3 months
Lessee, Finance Lease, Term of Contract (Year)	7 years
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Month)	24 months
Lessee, Finance Lease, Term of Contract (Year)	114 years

Note 12 - Leases - Components o

Note 12 - Leases - Components of Lease Costs and Supplemental Information (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Finance lease cost (1)	[1]	$ 4,365	$ 66
Operating lease cost		583	4,196
Short-term lease cost (2)	[2]	1,360	1,014
Variable lease cost (3)	[3]	0	1,338
Total lease expense		6,308	6,614
Lease costs capitalized		48	772
Total lease costs		6,356	7,386
Financing cash flows attributable to finance leases (in thousands)		$ 1,701	$ 0
Weighted-average remaining lease term (in years) (Year)		9 years 3 months 29 days	5 years 5 months 1 day
Weighted-average discount rate		8.13%	3.54%
Operating cash flows attributable to operating leases (in thousands)		$ 226	$ 6,551
Weighted-average remaining lease term (in years) (Year)		1 year 1 month 20 days	8 months 23 days
Weighted-average discount rate		10.29%	5.83%
[1]Represents depreciation and interest associated with financing leases.[2]Represents short term leases under contracts that are 1 year or less where a ROU asset and lease liability are not required to be recorded.[3]Variable costs represent differences between minimum lease costs and actual lease costs incurred under lease contracts.

Note 12 - Leases - Lease Cost o

Note 12 - Leases - Lease Cost on the Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Total lease expense	$ 6,325	$ 6,895
Lease costs capitalized	31	491
Total lease costs	6,356	7,386
Finance Lease Cost [Member]
Total lease expense	2,625	39
Production Expense [Member]
Total lease expense	1,286	3,838
General and Administrative Expense [Member]
Total lease expense	46	16
Lease Costs Billed to Joint Venture Owners [Member]
Total lease expense	$ 2,368	$ 3,002

Note 12 - Leases - Future Matur

Note 12 - Leases - Future Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
2023, operating leases	$ 1,829
2023, finance leases	10,377
2024, operating leases	672
2024, finance leases	13,759
2025, operating leases	33
2025, finance leases	15,559
2026, operating leases	0
2026, finance leases	16,156
2027, operating leases	0
2027, finance leases	15,023
Thereafter, operating leases	0
Thereafter, finance leases	51,561
Total due, operating leases	2,534
Total due, finance leases	122,435
Less: imputed interest, operating leases	127
Less: imputed interest, finance leases	35,058
Total lease liabilities, operating leases	2,407
Total lease liabilities, finance leases	$ 87,377

Note 13 - Asset Retirement Ob_3

Note 13 - Asset Retirement Obligations (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2022	Mar. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation, Liabilities Incurred	$ 6,100	$ 0	$ 6,134
Asset Retirement Obligation, Liabilities Settled	6,600	123	6,577
Costs Associated With Retirement Obligation, Included In Accrued Liabilities		$ 300
EGYPT
Decommissioning Liability, Noncurrent	$ 0		$ 0

Note 13 - Asset Retirement Ob_4

Note 13 - Asset Retirement Obligations - Changes in Asset Retirement Obligations (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2022	Mar. 31, 2023	Dec. 31, 2022
Beginning balance		$ 42,001	$ 40,694
Accretion		556	1,958
Additions	$ 6,100	0	6,134
Revisions		79	(43)
Settlements	$ (6,600)	(123)	(6,577)
Foreign currency gain (loss)		74	(165)
Ending balance		$ 42,587	$ 42,001

Note 14 - Shareholders' Equit_2

Note 14 - Shareholders' Equity (Details Textual) - USD ($)	Nov. 01, 2022	Oct. 13, 2022	Mar. 31, 2023	Feb. 28, 2023	Dec. 31, 2022	Oct. 12, 2022
Common Stock, Shares Authorized (in shares)		160,000,000	160,000,000		160,000,000	100,000,000
Preferred Stock, Shares Authorized (in shares)			500,000		500,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)			$ 25		$ 25
Preferred Stock, Shares Issued (in shares)			0		0
Stock Repurchase Program, Authorized Amount				$ 24,003,172
Stock Repurchase Program 2019 [Member]
Stock Repurchase Program, Authorized Amount	$ 30,000,000
Stock Repurchase Program, Period in Force (Month)	20 months
TransGlobe [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)		49,300,000

Note 14 - Shareholders' Equit_3

Note 14 - Shareholders' Equity - Schedule of Equity Securities Repurchased (Details) - USD ($)		1 Months Ended			3 Months Ended
	Jan. 01, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Mar. 31, 2023
Number of Shares Purchased (in shares)			326,992		981,000
Average Price Paid per Share (in dollars per share)			$ 4.59
Number of Shares Purchased (in shares)			326,992		981,000
Authorized Amount			$ 24,003,172
Shares Purchased as Part of Publicly Announced Programs [Member]
Number of Shares Purchased (in shares)		981,000			981,000
Number of Shares Purchased (in shares)		981,000			981,000
Common Stock [Member]
Number of Shares Purchased (in shares)		303,176		350,832
Average Price Paid per Share (in dollars per share)		$ 4.95		$ 4.27
Number of Shares Purchased (in shares)		303,176		350,832
Authorized Amount		$ 22,503,206		$ 25,502,669	$ 22,503,206
Common Stock [Member] | Shares Purchased as Part of Publicly Announced Programs [Member]
Number of Shares Purchased (in shares)	350,832	303,176	326,992	350,832
Average Price Paid per Share (in dollars per share)		$ 4.95	$ 4.59	$ 4.27
Number of Shares Purchased (in shares)	350,832	303,176	326,992	350,832
Authorized Amount	$ 25,502,669	$ 22,503,206	$ 24,003,172		$ 22,503,206

Note 15 - Stock-based Compens_3

Note 15 - Stock-based Compensation and Other Benefit Plans (Details Textual) - USD ($) $ in Millions	1 Months Ended	3 Months Ended			12 Months Ended
	Jun. 30, 2021	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 25, 2020
Proceeds from Stock Options Exercised		$ 0.3		$ 0.2
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		0
Severance Cost as Percentage of Target Bonus		75%
Maximum [Member]
Severance Cost as Percentage of Salary		100%
Minimum [Member]
Severance Cost as Percentage of Salary		50%
Stock Appreciation Rights (SARs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Share-Based Liabilities Paid		$ 0.2		$ 0.2
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		0
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		3 years
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)		22,027
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)						3 years
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)		55,600
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)		205,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)		0
Performance Share Units (PSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)			3 years
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)		64,256
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Target Percentage					64.40%
Performance Share Units (PSUs) [Member] | Awards Granted, 2021 and 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Target Percentage						200%	200%
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)					3 years
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)		45,186
Deferred Share Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested, Outstanding (in shares)		460,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)		0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)		0
The 2020 Long-Term Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)								5,500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)	3,750,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)		3,989,458

Note 15 - Stock-based Compens_4

Note 15 - Stock-based Compensation and Other Benefit Plans - Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Total stock-based compensation	$ 649	$ 1,422
Equity Awards [Member]
Total stock-based compensation	675	404
Liability Awards [Member]
Total stock-based compensation	$ (26)	$ 1,018

Note 15 - Stock-based Compens_5

Note 15 - Stock-based Compensation and Other Benefit Plans - Weighted Average Assumptions (Details)	2 Months Ended
	Mar. 31, 2022 $ / shares
Weighted average exercise price - ($/share) (in dollars per share)	$ 6.41
Expected life in years (Year)	6 years
Average expected volatility	72%
Risk-free interest rate	1.98%
Expected dividend yield	2.30%
Weighted average grant date fair value - ($/share) (in dollars per share)	$ 2.84

Note 15 - Stock-based Compens_6

Note 15 - Stock-based Compensation and Other Benefit Plans - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Granted, number of shares (in shares) | shares	0
Monte Carle Model [Member]
Outstanding, number of shares (in shares) | shares	444
Outstanding, weighted average exercise price (in dollars per share)	$ 3.98
Granted, number of shares (in shares) | shares	0
Granted, weighted average exercise price (in dollars per share)	$ 0
Exercised, number of shares (in shares) | shares	(74)
Exercised, weighted average exercise price (in dollars per share)	$ (1.68)
Unvested shares forfeited, number of shares (in shares) | shares	0
Unvested shares forfeited, weighted average exercise price (in dollars per share)	$ 0
Vested shares expired, number of shares (in shares) | shares	0
Vested shares expired, weighted average exercise price (in dollars per share)	$ 0
Outstanding, number of shares (in shares) | shares	370
Outstanding, weighted average exercise price (in dollars per share)	$ 4.40
Outstanding, weighted average remaining contractual term (Year)	8 years 3 months 18 days
Outstanding, aggregate intrinsic value | $	$ 414
Exercisable, number of shares (in shares) | shares	166
Exercisable, weighted average exercise price (in dollars per share)	$ 3.91
Exercisable, weighted average remaining contractual term (Year)	8 years 1 month 24 days
Exercisable, aggregate intrinsic value | $	$ 224
Unvested shares forfeited, weighted average exercise price (in dollars per share)	$ 0
Black-scholes Model [Member]
Outstanding, number of shares (in shares) | shares	387
Outstanding, weighted average exercise price (in dollars per share)	$ 1.86
Granted, number of shares (in shares) | shares	0
Granted, weighted average exercise price (in dollars per share)	$ 0
Exercised, number of shares (in shares) | shares	(99)
Exercised, weighted average exercise price (in dollars per share)	$ (1.50)
Unvested shares forfeited, number of shares (in shares) | shares	0
Unvested shares forfeited, weighted average exercise price (in dollars per share)	$ 0
Vested shares expired, number of shares (in shares) | shares	0
Vested shares expired, weighted average exercise price (in dollars per share)	$ 0
Outstanding, number of shares (in shares) | shares	288
Outstanding, weighted average exercise price (in dollars per share)	$ 1.98
Outstanding, weighted average remaining contractual term (Year)	9 months 21 days
Outstanding, aggregate intrinsic value | $	$ 732
Exercisable, number of shares (in shares) | shares	288
Exercisable, weighted average exercise price (in dollars per share)	$ 1.98
Exercisable, weighted average remaining contractual term (Year)	9 months 21 days
Exercisable, aggregate intrinsic value | $	$ 732
Unvested shares forfeited, weighted average exercise price (in dollars per share)	$ 0

Note 15 - Stock-based Compens_7

Note 15 - Stock-based Compensation and Other Benefit Plans - Summary of Activity for Restricted Shares (Details) - Restricted Stock [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Non-vested shares outstanding (in shares) | shares	665
Non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.59
Awards granted (in shares) | shares	0
Awards granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 0
Awards vested (in shares) | shares	(205)
Awards vested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.82
Awards forfeited (in shares) | shares	0
Awards forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 0
Non-vested shares outstanding (in shares) | shares	460
Non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.49
The 2020 Plan [Member]
Non-vested shares outstanding (in shares) | shares	383
Non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.27
Awards vested (in shares) | shares	(121)
Awards vested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.27
Awards forfeited (in shares) | shares	(23)
Awards forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.27
Non-vested shares outstanding (in shares) | shares	239
Non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.27

Note 15 - Stock-based Compens_8

Note 15 - Stock-based Compensation and Other Benefit Plans - Summary of Activity for Performance Shares (Details) - Performance Shares [Member] - The 2020 Plan [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Non-vested shares outstanding (in shares) | shares	690
Non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.27
Awards vested (in shares) | shares	(134)
Awards vested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.27
Awards forfeited (in shares) | shares	(36)
Awards forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.27
Non-vested shares outstanding (in shares) | shares	520
Non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.27

Note 15 - Stock-based Compens_9

Note 15 - Stock-based Compensation and Other Benefit Plans - SAR Activity (Details) - Stock Appreciation Rights (SARs) [Member] $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Outstanding, number of underlying shares (in shares) | shares	202
Outstanding, weighted average exercise price per share (in dollars per share) | $ / shares	$ 1.87
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares	0
Granted, weighted average exercise price per share (in dollars per share) | $ / shares	$ 0
Exercised, number of underlying shares (in shares) | shares	(63)
Exercised, weighted average exercise price per share (in dollars per share) | $ / shares	$ 0.86
Unvested SARs forfeited, number of underlying shares (in shares) | shares	0
Unvested SARs forfeited, weighted average exercise price per share (in dollars per share) | $ / shares	$ 0
Vested SARs expired, number of underlying shares (in shares) | shares	0
Vested SARs expired, weighted average exercise price per share (in dollars per share) | $ / shares	$ 0
Outstanding, number of underlying shares (in shares) | shares	139
Outstanding, weighted average exercise price per share (in dollars per share) | $ / shares	$ 2.33
Outstanding, weighted average remaining contractual term (Year)	11 months 1 day
Outstanding, aggregate intrinsic value | $	$ 304
Exercisable, number of underlying shares (in shares) | shares	139
Exercisable, weighted average exercise price per share (in dollars per share) | $ / shares	$ 2.33
Exercisable, weighted average remaining contractual term (Year)	11 months 1 day
Exercisable, aggregate intrinsic value | $	$ 304

Note 16 - Income Taxes (Details

Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Effective Income Tax Rate Reconciliation, Percent	60.96%	67.90%
Valuation Allowance, Deferred Tax Asset, Change in Amount, Discrete Item	$ 4,600
Current Income Tax Expense (Benefit)	12,300	$ 5,700
Income Tax Expense (Benefit), Favorable (Unfavorable) Oil Price Adjustment	(3,200)	(3,100)
Current Foreign Income Tax Expense (Benefit), Net Of Oil Price Adjustment	9,100	$ 2,600
Unrecognized Tax Benefits	$ 0

Note 16 - Income Taxes - Provis

Note 16 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Current	$ 0	$ 0
Deferred	586	(12,486)
Current	12,300	5,691
Deferred	1,885	2,167
Total	$ 14,771	$ (4,628)

Note 17 - Other Comprehensive_3

Note 17 - Other Comprehensive Income (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Other Comprehensive Income (Loss), Net of Tax	$ (0.1)

Note 17 - Other Comprehensive_4

Note 17 - Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Balance	$ 466,105
Balance	455,175
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	1,179
Accumulated other comprehensive income (loss) before reclassifications	(125)
Balance	$ 1,054