Note 16 - Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

16. SHAREHOLDERS’ EQUITY

On October 13, 2022, in connection with the closing of the Arrangement, the total number of authorized shares of common stock of the Company was increased from 100 million to 160 million and VAALCO issued approximately 49.3 million shares to TransGlobe's shareholders.

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 December 31, 2022 or 2021.

Treasury stock

On November 1, 2022, the Company announced that the board of directors formally ratified and approved the share buyback program that was announced on August 8, 2022. The Plan provides for an aggregate purchase of currently outstanding common stock up to $30 million over 20 months. Payment for shares repurchased under the share buyback program will be funded using the Company's cash on hand and cash flow from operations.

The below table shows the repurchases of the Company's equity securities during the fourth quarter of the fiscal year ended December 31, 2022:

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
November 1, 2022 - November 30, 2022		288,758	$	5.21		288,758	$	28,500,463
December 1, 2022 - December 31, 2022		282,163	$	5.34		282,163	$	27,000,767
Total	570,921				570,921

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 elect to remit shares to the Company to cover the tax liability and the cost of the exercised options. When this happens, the Company adds these shares to treasury stock and pays the taxes on the participant’s behalf.

Although these withheld shares are not issued or considered common stock repurchases under the Company’s stock repurchase program, they are treated as common stock repurchases in the financial statements as they reduce the number of shares that would have been issued upon vesting.