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Exhibit 99.1

VAALCO ENERGY, INC. ANNOUNCES

SECOND QUARTER 2019 RESULTS



HOUSTON  August 7, 2019 - VAALCO Energy, Inc. (NYSE: EGY) today reported operational and financial results for the second quarter 2019.



Operational and Financial Highlights for the second quarter of 2019 include: 

·

Produced an average of 3,664 barrels of oil per day (“BOPD”) net  near the midpoint of the Company’s guidance range;

·

Increased sales volumes 20% to 357,000 barrels compared to the first quarter of 2019;

·

Reported a net loss of $1.0 million ($0.01 per diluted share);

·

Reached an agreement in principle with joint venture owners to resolve past audit findings related to 2007 – 2016 which reduced earnings by $4.4 million ($0.07 per diluted share);

·

Reported Adjusted Net Income of  $8.0 million, or $0.13 per share, after excluding net charges totaling $9.0 million ($0.15 per diluted share) related to deferred income tax,  discontinued operations, other operating income (expense), net and unrealized gains on crude oil swaps;

·

Grew Adjusted EBITDAX by 32% to $12.9 million compared to the first quarter of 2019;

·

Increased Working Capital from Continuing Operations, excluding lease liabilities, by $4.4 million, which contributed to the increase in cash and cash equivalents to $48.6 million;

·

Implemented a common stock repurchase program for up to $10 million in share repurchases over a 12-month period.

Net loss totaled $1.0 million in the second quarter of 2019 compared with net income of $0.5 million in the same period of 2018, and $6.5 million in the first quarter of 2019.  The net loss for the second quarter of 2019 was impacted by a non-cash expense of $5.9 million ($0.10 per diluted share) related to deferred income tax, a $4.4 million ($0.07 per diluted share) charge related to the resolution of a legacy issue related to Etame joint venture owners’ audit findings for the periods from 2007 to 2016 and by a loss of $0.2 million ($0.00 per diluted share) from discontinued operations.  This was partially offset by a non-cash benefit of $1.5 million ($0.02 per diluted share) related to unrealized gains on crude oil swaps.    Adjusting for the net impact of these items totaling $9.0 million, second quarter Adjusted Net Income was  $8.0 million ($0.13 per diluted share).  Second quarter 2019 net loss was also impacted by a $(0.1) million ($0.00 per diluted share) non-cash benefit for stock options, restricted stock and stock appreciation rights (“SARs”).    



Adjusted EBITDAX totaled $12.9 million in the second quarter of 2019, up 46% compared with $8.8 million for the same period of 2018, and up 32% compared with $9.7 million in the first quarter of 2019.  The average realized price for crude oil in the second quarter of 2019 was $68.62 per barrel, a decrease of 8% from $74.36 per barrel in the second quarter of 2018 but up 7% from $64.17 per barrel in the first quarter of 2019.  Sales volumes increased 12% to 357,000 barrels in the second quarter of 2019 from 319,000 barrels in the second quarter of 2018 and 20% from 297,000 barrels sold in the first quarter of 2019.

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The following information was filed by Vaalco Energy Inc (EGY) on Thursday, August 8, 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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