Vaalco Energy Inc 10-Q for FY2025 Q3

Vaalco Energy Inc (EGY)

10-Q 2025-11-10 For: 2025-09-30

Added on April 11, 2026

About this 10-Q

Vaalco Energy Inc filed this 10-Q on November 10, 2025, covering the quarter ended September 30, 2025 (FY2025 Q3).

Headline figures

Quarter ended September 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $61.01M; down 56.5% from $140.33M a year earlier
Net income: $1.1M; down 90.0% from net income of $10.99M a year earlier
Diluted EPS: $0.01; down 90.0% from $0.10 a year earlier

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Delaware			76-0274813
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

2500 CityWest Blvd. Suite 400 Houston, Texas			77042
(Address of principal executive offices)			(Zip code)


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock	EGY	New York Stock Exchange
Common Stock	EGY	London Stock Exchange


PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
Condensed Consolidated Balance Sheets September 30, 2025 and December 31, 2024			2
Condensed Consolidated Statements of Operations and Comprehensive Income Three and Nine Months Ended September 30, 2025 and 2024			3
Condensed Consolidated Statements of Shareholders’ Equity Three and Nine Months Ended September 30, 2025 and 2024			4
Condensed Consolidated Statements of Cash Flows Nine Months Ended S eptember 30 , 2025 and 2024			5
Notes to Condensed Consolidated Financial Statements (unaudited)			7
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			21
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			35
ITEM 4. CONTROLS AND PROCEDURES			37
PART II. OTHER INFORMATION			38
ITEM 1. LEGAL PROCEEDINGS			38
ITEM 1A. RISK FACTORS			39
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			39
ITEM 5. OTHER INFORMATION			39
ITEM 6. EXHIBITS			40


	As of September 30, 2025		As of December 31, 2024
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	23,984	$	82,650
Restricted cash	203		143
Receivables:
Trade, net of allowances for credit loss and other of $0.2 million and $0.2 million, respectively	109,473		94,778
Accounts with joint venture owners, net of allowance for credit losses of $2.5 million and $1.5 million, respectively	6,665		179
Egypt receivables and other	2,726		35,763
Crude oil inventory	8,958		9,441
Prepayments and other	21,729		14,973
Total current assets	173,738		237,927
Crude oil, natural gas and NGLs properties and equipment, net	623,736		538,103
Other noncurrent assets:
Restricted cash	1,659		8,665
Value added tax and other receivables, net of allowances for credit loss and other of $0.4 million and $0.8 million, respectively	6,550		10,094
Right of use operating lease assets	14,364		17,254
Right of use finance lease assets	72,031		79,849
Deferred tax assets	44,304		55,581
Abandonment funding	6,268		6,268
Other long-term assets	7,783		1,209
Total assets	$	950,433	$	954,950
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	17,007	$	11,756
Accounts with joint venture owners	1,489		3,324
Accrued liabilities and other	107,317		107,710
Operating lease liabilities - current portion	4,002		3,512
Finance lease liabilities - current portion	12,649		13,383
Foreign income taxes payable	23,774		42,043
Total current liabilities	166,238		181,728
Asset retirement obligations	84,259		78,592
Operating lease liabilities - net of current portion	10,862		13,903
Finance lease liabilities - net of current portion	60,235		67,377
Deferred tax liabilities	62,966		93,904
Long-term debt	60,000		—
Other long-term liabilities	—		17,863
Total liabilities	444,560		453,367
Commitments and contingencies (Note 10)
Shareholders’ equity:
Preferred stock, $25 par value; 500,000 shares authorized, none issued	—		—
Common stock,$0.10 par value; 160,000,000 shares authorized, 123,017,656 and 122,304,124 shares issued, 104,258,253 and 103,743,163 shares outstanding, respectively	12,302		12,230
Additional paid-in capital	367,023		362,578
Accumulated other comprehensive loss	(1,885)		(4,962)
Less treasury stock, 18,759,403 and 18,560,931 shares, respectively, at cost	(78,733)		(78,024)
Retained earnings	207,166		209,761
Total shareholders' equity	505,873		501,583
Total liabilities and shareholders' equity	$	950,433	$	954,950


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands, except per share amounts)
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	61,007	$	140,334	$	268,230	$	357,267
Operating costs and expenses:
Production expense	29,872		42,324		115,070		126,859

Exploration expense	353		—		2,873		48
Depreciation, depletion and amortization	20,555		47,031		79,133		105,987

General and administrative expense	8,845		6,929		26,393		21,230
Credit losses and other	484		69		485		5,222
Total operating costs and expenses	60,109		96,353		223,954		259,346
Other operating income, net	—		102		—		68
Operating income	898		44,083		44,276		97,989
Other income (expense):
Derivative instruments gain (loss), net	(1,093)		210		(767)		(380)
Interest expense, net	(2,333)		(588)		(6,199)		(2,640)
Bargain purchase gain	—		—		—		19,898
Other income (expense), net	33		(141)		(628)		(3,925)
Total other income (expense), net	(3,393)		(519)		(7,594)		12,953
Income (loss) before income taxes	(2,495)		43,564		36,682		110,942
Income tax expense (benefit)	(3,596)		32,574		19,470		64,115
Net income	$	1,101	$	10,990	$	17,212	$	46,827
Other comprehensive income (loss)
Currency translation adjustments	(1,799)		1,655		3,077		(1,867)
Comprehensive income (loss)	$	(698)	$	12,645	$	20,289	$	44,960

Basic net income per share:
Net income per share	$	0.01	$	0.10	$	0.16	$	0.45
Basic weighted average shares outstanding	104,258		103,743		103,986		103,644
Diluted net income per share:
Net income per share	$	0.01	$	0.10	$	0.16	$	0.45
Diluted weighted average shares outstanding	104,283		103,842		104,010		103,728


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Common Shares Issued	Treasury Shares	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Retained Earnings		Total
	(in thousands)
Balance at January 1, 2025	122,304	(18,561)	$	12,230	$	362,578	$	(4,962)	$	(78,024)	$	209,761	$	501,583
Shares issued - stock-based compensation	116	—	12		(12)		—		—		—		—
Stock-based compensation expense	—	—	—		1,389		—		—		—		1,389
Treasury stock	—	(40)	—		—		—		(155)		—		(155)
Dividend distributions	—	—	—		—		—		—		(6,570)		(6,570)
Other comprehensive income	—	—	—		—		117		—		—		117
Net income	—	—	—		—		—		—		7,730		7,730
Balance at March 31, 2025	122,420	(18,601)	$	12,242	$	363,955	$	(4,845)	$	(78,179)	$	210,921	$	504,094
Shares issued - stock-based compensation	598	—	60		(60)		—		—		—		—
Stock-based compensation expense	—	—	—		1,437		—		—		—		1,437
Treasury stock	—	(158)	—		—		—		(554)		—		(554)
Dividend distributions	—	—	—		—		—		—		(6,557)		(6,557)
Other comprehensive income	—	—	—		—		4,759		—		—		4,759
Net income	—	—	—		—		—		—		8,380		8,380
Balance at June 30, 2025	123,018	(18,759)	$	12,302	$	365,332	$	(86)	$	(78,733)	$	212,744	$	511,559

Stock-based compensation expense	—	—	—		1,691		—		—		—		1,691

Dividend distributions	—	—	—		—		—		—		(6,679)		(6,679)
Other comprehensive loss	—	—	—		—		(1,799)		—		—		(1,799)
Net income	—	—	—		—		—		—		1,101		1,101
Balance at September 30, 2025	123,018	(18,759)	$	12,302	$	367,023	$	(1,885)	$	(78,733)	$	207,166	$	505,873


	Nine Months Ended September 30,
	2025		2024
	(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	17,212	$	46,827
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	79,133		105,987
Bargain purchase gain	—		(19,898)
Amortization of deferred financing costs	809		—
Deferred tax benefit	(19,569)		(7,762)
Unrealized foreign exchange gain	(347)		(613)
Stock-based compensation expense	4,683		3,208

Derivative instruments loss, net	767		209
Cash settlements paid on matured derivative contracts, net	(141)		(15)


Credit losses and other	485		5,304


Equipment and other expensed in operations	3,937		1,589
Change in operating assets and liabilities:
Trade receivables, net	(23,772)		(39,456)
Accounts with joint venture owners, net	(4,292)		(4,739)
Egypt receivables and other, net	32,159		(394)
Crude oil inventory	483		12,153
Prepayments and other	(7,258)		(1,847)
Value added tax and other receivables	5,643		(5,713)
Other long-term assets	—		1,808
Accounts payable	7,120		(9,034)
Foreign income taxes payable	(18,328)		24,327

Accrued liabilities and other	(11,230)		(42,756)
Net cash provided by operating activities	67,494		69,185
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment expenditures	(152,728)		(61,530)
Cash acquired in business combination, net of cash paid	—		412
Acquisition of oil and gas properties	(3,034)		—
Net cash used in investing activities	(155,762)		(61,118)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuances of common stock	—		447
Proceeds from borrowings	60,000		—
Dividend distribution	(19,807)		(19,647)
Payments for treasury shares	(709)		(6,803)
Deferred financing costs paid	(7,100)		—
Payments of finance lease	(9,781)		(6,261)
Net cash provided by (used in) in financing activities	22,603		(32,264)
Effects of exchange rate changes on cash	53		(4)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(65,612)		(24,201)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	97,726		129,178
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	32,114	$	104,977


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)

Balance at beginning of period	$	(2,556)	$	(12,604)	$	(2,554)	$	(6,029)
Credit losses and other	(288)		(69)		(925)		(5,222)
Credit recoveries and other	(196)		—		439		—
Reversal of allowance resulting from the settlement of the related receivable	—		11,200		—		11,200
Foreign currency loss	—		(425)		—		(1,847)
Balance at end of period	$	(3,040)	$	(1,898)	$	(3,040)	$	(1,898)


		As of September 30, 2025
	Balance Sheet Line	Level 1		Level 2		Level 3		Total
		(in thousands)
Assets
Derivative asset	Prepayments and other	$	—	$	89	$	—	$	89

		$	—	$	89	$	—	$	89
Liabilities
Derivative liability	Accrued liabilities and other	$	—	$	613	$	—	$	613
		$	—	$	613	$	—	$	613


	Three Months Ended September 30, 2025
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Côte d'Ivoire		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	21,271	$	35,696	$	4,040	$	—	$	—	$	—	$	61,007
Operating costs and expenses:
Production expense	12,092		13,767		1,922		587		1,504		—		29,872
Exploration expense	167		—		—		—		186		—		353
Depreciation, depletion and amortization	7,145		9,308		2,832		—		861		409		20,555
General and administrative expense	779		296		46		63		572		7,089		8,845
Credit losses and other	196		—		—		288		—		—		484
Total operating costs and expenses	20,379		23,371		4,800		938		3,123		7,498		60,109

Operating income (loss)	892		12,325		(760)		(938)		(3,123)		(7,498)		898
Other income (expense):
Derivative instruments loss, net	—		—		—		—		—		(1,093)		(1,093)
Interest expense, net	(809)		(184)		—		—		(1,085)		(255)		(2,333)

Other income (expense), net	(154)		80		(60)		3		242		(78)		33
Total other income (expense), net	(963)		(104)		(60)		3		(843)		(1,426)		(3,393)
Income (loss) before income taxes	(71)		12,221		(820)		(935)		(3,966)		(8,924)		(2,495)
Income tax (benefit) expense	(3,902)		5,671		—		—		(5,077)		(288)		(3,596)
Net income (loss)	3,831		6,550		(820)		(935)		1,111		(8,636)		1,101
Consolidated capital expenditures	$	14,074	$	7,113	$	490	$	(61)	$	33,484	$	309	$	55,409


	Nine Months Ended September 30, 2025
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Côte d'Ivoire		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	132,026	$	102,873	$	14,935	$	—	$	18,396	$	—	$	268,230
Operating costs and expenses:
Production expense	59,746		38,898		6,533		1,274		8,618		1		115,070
Exploration expense	167		—		—		—		2,706		—		2,873
Depreciation, depletion and amortization	33,239		26,579		9,382		—		9,249		684		79,133
General and administrative expense	1,224		399		77		212		1,435		23,046		26,393
Credit (recovery) losses and other	(440)		—		—		925		—		—		485
Total operating costs and expenses	93,936		65,876		15,992		2,411		22,008		23,731		223,954

Operating income (loss)	38,090		36,997		(1,057)		(2,411)		(3,612)		(23,731)		44,276
Other income (expense):
Derivative instruments loss, net	—		—		—		—		—		(767)		(767)
Interest expense, net	(2,680)		(608)		—		—		(2,373)		(538)		(6,199)

Other income (expense), net	(917)		141		338		(2)		181		(369)		(628)
Total other income (expense), net	(3,597)		(467)		338		(2)		(2,192)		(1,674)		(7,594)
Income (loss) before income taxes	34,493		36,530		(719)		(2,413)		(5,804)		(25,405)		36,682
Income tax (benefit) expense	10,341		14,201		—		—		(15,312)		10,240		19,470
Net income (loss)	$	24,152	$	22,329	$	(719)	$	(2,413)	$	9,508	$	(35,645)	$	17,212
Consolidated capital expenditures	$	30,379	$	20,954	$	2,006	$	499	$	93,425	$	326	$	147,589


	Three Months Ended September 30, 2024
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Cote d'Ivoire		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	47,608	$	34,544	$	8,387	$	—	$	49,795	$	—	$	140,334
Operating costs and expenses:
Production expense	13,932		12,477		3,015		195		12,701		4		42,324
Exploration expense	—		—		—		—		—		—		—
Depreciation, depletion and amortization	12,796		8,729		6,106		—		19,184		216		47,031
General and administrative expense	241		(79)		(4)		62		1,061		5,648		6,929
Credit losses and other	—		—		—		69		—		—		69
Total operating costs and expenses	26,969		21,127		9,117		326		32,946		5,868		96,353
Other operating income, net	—		—		102		—		—		—		102
Operating income (loss)	20,639		13,417		(628)		(326)		16,849		(5,868)		44,083
Other income (expense):
Derivative instruments gain (loss), net	—		—		—		—		(169)		379		210
Interest (expense) income, net	(964)		(360)		—		—		2,029		(1,293)		(588)
Bargain Purchase Gain	—		—		—		—		—		—		—
Other income (expense), net	(72)		(101)		669		(4)		(37)		(597)		(141)
Total other income (expense), net	(1,036)		(461)		670		(4)		1,823		(1,511)		(519)
Income (loss) before income taxes	19,603		12,956		42		(330)		18,672		(7,379)		43,564
Income tax expense	12,932		3,613		—		—		8,454		7,575		32,574
Net income (loss)	$	6,671	$	9,343	$	42	$	(330)	$	10,218	$	(14,953)	$	10,990
Consolidated capital expenditures	$	8,859	$	1,698	$	3,014	$	38	$	11,158	$	1,839	26,606


	Nine Months Ended September 30, 2024
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Côte d'Ivoire		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	158,786	$	106,986	$	24,460	$	—	$	67,035	$	—	$	357,267
Operating costs and expenses:
Production expense	49,131		38,652		8,753		712		29,606		5		126,859
Exploration expense	—		48		—		—		—		—		48
Depreciation, depletion and amortization	39,591		25,481		15,297		—		25,233		385		105,987
General and administrative expense	1,194		297		(119)		233		1,185		18,440		21,230
Credit losses and other	20		4,812		—		390		—		—		5,222
Total operating costs and expenses	89,936		69,290		23,931		1,335		56,024		18,830		259,346
Other operating income (expense), net	(34)		—		102		—		—		—		68
Operating income (loss)	68,816		37,696		631		(1,335)		11,011		(18,830)		97,989
Other income (expense):
Derivative instruments loss, net	—		—		—		—		(169)		(211)		(380)
Interest (expense) income, net	(3,439)		(1,120)		38		—		489		1,392		(2,640)
Bargain purchase gain	—		—		—		—		—		19,898		19,898
Other income (expense), net	(303)		(101)		674		(2)		(338)		(3,856)		(3,925)
Total other income (expense), net	(3,742)		(1,221)		713		(2)		(18)		17,223		12,953
Income (loss) before income taxes	65,074		36,475		1,344		(1,337)		10,993		(1,608)		110,942
Income tax expense	38,956		19,395		—		—		5,404		360		64,115
Net income (loss)	$	26,118	$	17,080	$	1,344	$	(1,337)	$	5,589	$	(1,967)	$	46,827
Consolidated capital expenditures	$	20,248	$	7,894	$	22,728	$	38	$	18,310	$	3,840	$	73,058


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues from customer contracts:	(in thousands)
Sales under the COSPA or COSMA(1)	$	24,287	$	54,933	$	121,722	$	182,048
Gabonese government share of Profit Oil taken in-kind	—		—		30,394		—
Carried interest recoupment	495		652		561		1,826
Royalties	(3,511)		(7,977)		(20,651)		(25,088)
Net revenues	$	21,271	$	47,608	$	132,026	$	158,786


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues from customer contracts:	(in thousands)
Oil revenue	$	3,278	$	8,039	$	12,354	$	21,739
Gas revenue	196		224		1,404		1,429
NGL revenue	1,386		1,984		4,405		5,835
Other revenue	32		24		119		70
Royalties	(666)		(1,533)		(2,688)		(3,801)
Selling costs	(186)		(351)		(659)		(812)
Net revenues	$	4,040	$	8,387	$	14,935	$	24,460


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Gabon	100%	100%	100%	100%
Egypt	100%	100%	100%	100%
Côte d'Ivoire	—%	100%	100%	100%
Canada	49%, 18% and 18%	59%, 22% and 16%	53%, 20% and 15%	44%, 30% and 21%


		Settlement Period
Instrument	Index	October 2025 to December 2025		January 2026 to March 2026		April 2026 to June 2026		July 2026 to September 2026
Crude oil:




Collars	Dated Brent
Total volumes (Bbls)		480,000		400,000		360,000		75,000
Weighted average floor price ($/Bbl)		$	60.83	$	62.29	$	61.88	$	65.00
Weighted average ceiling price ($/Bbl)		$	67.81	$	68.63	$	67.95	$	71.00

Natural Gas:
Swaps	AECO 7A
Total volumes (GJs)(a)		214,000		150,000		—		—
Weighted average fixed price (CAD/GJ)		$	2.48	$	2.86	$	—	$	—


		Three Months Ended September 30,				Nine Months Ended September 30,
Derivative Item	Statements of Operations Line	2025		2024		2025		2024
		(in thousands)				(in thousands)
Commodity derivatives	Cash settlements received (paid) on matured derivative contracts, net	$	(355)	$	18	$	(141)	$	(15)
	Unrealized gain (loss)	(738)		192		(626)		(365)
	Derivative instruments gain (loss), net	$	(1,093)	$	210	$	(767)	$	(380)


	Currency Translation Adjustments
	(in thousands)
Balance at December 31, 2024	$	(4,962)
Amounts reclassified from accumulated other comprehensive income (loss)	117
Balance at March 31, 2025	(4,845)
Amounts reclassified from accumulated other comprehensive income (loss)	4,759
Balance at June 30, 2025	(86)
Amounts reclassified from accumulated other comprehensive income (loss)	(1,799)
Balance at September 30, 2025	$	(1,885)


	Three Months Ended September 30,				Increase/(Decrease)
	2025		2024
	(in thousands)



Net crude oil, natural gas, and NGLs revenue	$	61,007	$	140,334	$	(79,327)

Operating costs and expenses:
Production expense	29,872		42,324		(12,452)
Exploration expense	353		—		353
Depreciation, depletion and amortization	20,555		47,031		(26,476)
General and administrative expense	8,845		6,929		1,916
Credit losses and other	484		69		415
Total operating costs and expenses	60,109		96,353		(36,244)
Other operating income, net	—		102		(102)
Operating income	898		44,083		(43,185)
Other expense, net	(3,393)		(519)		(2,874)
Income before income taxes	(2,495)		43,564		(46,059)
Income tax expense	(3,596)		32,574		(36,170)
Net income	$	1,101	$	10,990	$	(9,889)


(in thousands)
Price	$	(16,704)
Volume	(62,369)
Other(1)	(254)
	(79,327)


(in thousands)
Price	$	(39,969)
Volume	(47,917)
Other(1)	(1,151)
	$	(89,037)


	2025 Sales Volumes (Mbls)	Decrease in Revenues (In Millions)		Decrease in Operating Income (Increase in Operating Loss) (In Millions)
Gabon	1,891	$	9.5	$	8.5
Egypt	2,027	$	10.1	$	6.0
Côte d'Ivoire	238	$	1.2	$	0.6
Canada	506	$	2.5	$	1.9
Consolidated	4,662


3.1			Restated Certificate of Incorporation as amended through May 7, 2014 (filed as Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q filed on November 10, 2014 and incorporated herein by reference).
3.1.1			Certificate of Amendment to Restated Certificate of Incorporation of VAALCO, dated October 13, 2022 (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on October 13, 2022 and incorporated herein by reference).
3.2			Third Amended and Restated Bylaws, dated July 30, 2020 (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on August 4, 2020 and incorporated herein by reference).
3.3			Certificate of Elimination of Series A Junior Participating Preferred Stock of VAALCO Energy, Inc., dated as of December 22, 2015 (filed as Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on December 23, 2015, and incorporated herein by reference).
31.1(a)			Sarbanes-Oxley Section 302 certification of Principal Executive Officer.
31.2(a)			Sarbanes-Oxley Section 302 certification of Principal Financial Officer.
32.1(b)			Sarbanes-Oxley Section 906 certification of Principal Executive Officer.
32.2(b)			Sarbanes-Oxley Section 906 certification of Principal Financial Officer.
101.INS(a)			Inline XBRL Instance Document.
101.SCH(a)			Inline XBRL Taxonomy Schema Document.
101.CAL(a)			Inline XBRL Calculation Linkbase Document.
101.DEF(a)			Inline XBRL Definition Linkbase Document.
101.LAB(a)			Inline XBRL Label Linkbase Document.
101.PRE(a)			Inline XBRL Presentation Linkbase Document.
104			Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101).


By:						/s/ Ronald Bain
						Ronald Bain Chief Financial Officer (Duly authorized officer and Principal Financial Officer)


/s/ George W.M. Maxwell
George W.M. Maxwell Chief Executive Officer


			/s/ George W.M. Maxwell
			George W.M. Maxwell, Chief Executive Officer