Vaalco Energy (EGY)

[Timothy Smith]

The latest financial results and operations for EGY

HOUSTON, May 8, 2012 /PRNewswire/ -- VAALCO Energy, Inc. (NYSE: EGY) today reported net income attributable to VAALCO of $9.0 million or $0.15 per diluted share for the first quarter of 2012 compared to net income attributable to VAALCO of $11.2 million or $0.19 per diluted share for the comparable period in 2011. First quarter 2012 revenues were $45.3 million compared to $46.8 million in the first quarter of 2011.

Robert Gerry, Chairman and CEO, commented: "It was another good quarter of performance for the Company, especially when you consider that a timing delay by the purchaser led to booking two crude liftings as compared to three from the comparable quarter one year ago. We continue to work with the Angolan government to expedite the exploration of Block 5 in the offshore Kwanza Basin. Progress continues to evolve toward the drilling of an exploration well in 2012."

"We believe that the next twelve months are on track to produce positive results for our shareholders as we intend to commence drilling at least ten exploration/development wells during this period. We continue to investigate additional opportunities in both the U.S. and abroad to build a diversified portfolio of producing properties for the benefit of our shareholders."