Picture 5

Exhibit 99.1

VAALCO ENERGY, INC. ANNOUNCES

FOURTH QUARTER AND FULL YEAR 2018 RESULTS



REPORTS  $10.5 MILLION, OR $0.17 PER DILUTED SHARE, IN INCOME FROM CONTINUING OPERATIONS FOR THE FOURTH QUARTER OF 2018 



HOUSTON –March 6, 2019 VAALCO Energy, Inc. (NYSE: EGY) today reported operational and financial results for the fourth quarter and full year of 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 up to 20 more years;

·

Produced 3,751 barrels of oil per day (“BOPD”) net and sold 1.4 million barrels of oil (“MMBO”) net in full year 2018; in the fourth quarter of 2018, production totaled 3,717 BOPD while sales totaled 0.4 MMBO;

·

Reported income from continuing operations of $10.5  million ($0.17 per diluted share) for the fourth quarter of 2018 and $98.7 million ($1.63 per diluted share) for the full year of 2018;  

·

Grew Adjusted EBITDAX to $16.9 million in the fourth quarter of 2018 and $56.2 million for the full year of 2018;

·

Increased year-end proved reserves 76% to 5.4 MMBO with 270% production replacement, while the present value discounted at 10% (“PV-10”) of those reserves grew to $80.1 million; increased the year-end proved and probable (“2P”) reserves to 9.7 MMBO, and their PV-10 to $131.9 million;

·

Reported $29.7 million in Working Capital from Continuing Operations.



For the fourth quarter of 2018, VAALCO reported income from continuing operations of $10.5 million, or $0.17 per diluted shareThis included the impact from approximately $5.6 million, or $0.09 per diluted share for non-cash mark-to-market gains related to the Company’s crude oil swaps and primarily non-cash gains for employee SARs of approximately $1.5 million, or $0.02 per diluted share.  In the same period in 2017, the Company reported income from continuing operations of $3.5 million, or  $0.06 per diluted share, and in the third quarter of 2018 reported income from continuing operations of $78.6 million, or $1.28 per diluted share.  The average realized price for crude oil in the fourth quarter of 2018 was $64.52 per barrel, an increase of 8% from  $59.89 per barrel in the fourth quarter of 2017.  In the third quarter of 2018, the average realized price for crude oil was $75.40 per barrel.



Adjusted income from continuing operations for the fourth quarter of 2018 totaled $19.8 million, or $0.32 per diluted share, after adding back $9.3 million in non-cash deferred income tax expense.  In the same period in 2017, adjusted income from operations was $2.3 million, or $0.04 per diluted share, and in the third quarter of 2018 was $9.1 million, or $0.15 per diluted share.   Adjusted EBITDAX totaled $16.9 million in the fourth quarter of 2018 compared with $3.9 million in the same period of 2017, and $16.0 million in the third quarter of 2018.  



1

 


The following information was filed by Vaalco Energy Inc (EGY) on Thursday, March 7, 2019 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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