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VAALCO Energy, Inc. Announces fourth Quarter and FULL YEAR 2015 Results

HOUSTON – March 16, 2016

– VAALCO Energy, Inc. (NYSE: EGY) today reported results for the fourth quarter and full year 2015.

2015 and Recent Highlights:

·

Received $19 million payment from VAALCO’s Angola Block 5 partner on March 14, 2016.

·

Grew total production for full year 2015 to 4,625 BOED net barrels of oil equivalent (BOE) per day which is a 16% increase over full year 2014 total production of 3,994 BOED.   Fourth quarter 2015 production grew to 4,876 BOED versus the fourth quarter 2014 production of 3,690 BOED, a 32% increase.

·

Completed the largest development project (two platforms and six development wells) in the Company’s history and released the Transocean Constellation II rig in February 2016.

·

Further validated upside potential for the Dentale formation on the Company’s Etame Marin acreage with the two 2015 North Tchibala wells.

·

Reduced Houston corporate staff headcount by approximately 40% and reduced fourth quarter production expense per BOE by approximately 32% to $18.78 per BOE compared to the fourth quarter of 2014. 

·

Adjusted EBITDAX totaled $32.2 million for full year 2015 and $1.2 million for the fourth quarter.

 

Adjusted EBITDAX and Adjusted Net Loss are non-GAAP financial measures. Each measure is defined and reconciled to the most directly comparable GAAP measure under “Non-GAAP Financial Measures” beginning on page 11.

For the fourth quarter of 2015, VAALCO’s reported net loss was $80.8 million, or a loss of $1.38 per diluted share.  This includes a $52.1 million non-cash impairment charge primarily due to lower projected oil prices, an $8.8 million non-cash charge to exploration expense for undeveloped leasehold costs and several other adjustments totaling $6.3 million as described in the reconciliation below.  Excluding these charges, VAALCO’s Adjusted Net Loss was $13.6 million, or $0.23 loss per diluted share.  The benefit of increased production from five successful 2015 development wells offshore Gabon was more than offset by lower crude oil prices. In the fourth quarter of 2014, VAALCO reported a net loss of $98.3 million, or $1.70 per diluted share.  Despite the strong production results, Brent Crude decreased approximately 23% in the fourth quarter of 2015 which resulted in fourth quarter Adjusted EBITDAX of $1.2 million.  Adjusted EBITDAX excludes non-cash and other non-recurring items that are detailed in the reconciliation tables below.

Steve Guidry, VAALCO’s Chief Executive Officer, commented: “In early 2016, we successfully completed our multi-year capital investment program on our Etame Marin block offshore Gabon that included the commissioning of two new platforms, drilling six development wells on those new platforms, and completing two of a three well workover campaign to replace downhole production equipment. The 2015 successes included exploiting an under developed fault block in the Etame field,

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The following information was filed by Vaalco Energy Inc (EGY) on Wednesday, March 16, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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