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Exhibit 99.1

VAALCO ENERGY, INC. ANNOUNCES

THIRD QUARTER 2018 RESULTS



HOUSTON  November 7, 2018 - VAALCO Energy, Inc. (NYSE: EGY) today reported operational and financial results for the third quarter 2018.  



Highlights and Recent Key Items: 

·

Established a long-term time horizon for continued growth in Gabon by extending the Etame Marin Production Sharing Contract (“PSC”) for 10 years from September 17, 2018, with two additional five-year option periods, providing the opportunity to add substantial production and reserves for up to 20 more years;

·

Progressing forward with a 2019 drilling program that includes a minimum of two development wells, two appraisal well bores and a possible third well, with drilling expected to begin in the second quarter of 2019;

·

Produced an average of 4,120 net barrels of oil per day (“BOPD”) in the third quarter of 2018, above the high end of the guidance range for the quarter;

·

Reported Income from Continuing Operations of $78.6 million ($1.28 per diluted share) for the third quarter, which includes:

o

A $66.2 million ($1.08 per diluted share) non-cash deferred tax benefit recognized in part as a result of anticipated benefits associated with the PSC Extension; 

o

A $3.3 million ($0.05 per diluted share) non-cash benefit from the deferral of asset retirement obligations associated with the PSC extension;

·

Excluding the non-cash items relating to the PSC extension above totaling $69.5 million, ($1.13 per diluted share), third quarter Adjusted Income from Continuing Operations would have been $9.1 million ($0.15 per diluted share);

·

Generated $16.0 million of Adjusted EBITDAX for the third quarter of 2018, up 82% from $8.8 million in the second quarter of 2018; the second half of 2018 is expected to be at or above the high end of previous guidance for Adjusted EBITDAX of $27 - $30 million; and

·

Reported $9.2 million in Working Capital from Continuing Operations, following the $11.8 million payment for VAALCO’s share of the PSC Extension signing bonus.



For the third quarter of 2018, VAALCO reported Income from Continuing Operations of $78.6 million, or $1.28 per diluted share and Adjusted Income from Continuing Operations of $9.1 million, or $0.15 per diluted shareThis includes a  $1.1 million or ($0.02 per diluted share) charge for a non-cash mark-to-market charge related to the Company’s crude oil swaps.  In the same period in 2017, the Company reported a Loss from Continuing Operations of $0.1 million, or  $0.00 per diluted share, and in the second quarter of 2018 reported Income from Continuing Operations

1

 


The following information was filed by Vaalco Energy Inc (EGY) on Wednesday, November 7, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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