VAALCO Energy Provides Q3 of 2012 Results for Block 5

Source: www.gulfoilandgas.com 11/8/2012, Location: Africa

VAALCO Energy, Inc. reported that third quarter 2012 revenues were $37.6 million compared to $37.4 million in the third quarter of 2011. Net income attributable to VAALCO was $106,000 or $0.00 per diluted share for the third quarter of 2012, after incurring a non-cash impairment of $7.6 million for a write-down of VAALCO's investment in the Granite Wash. Net income attributable to VAALCO was $2.4 million or $0.04 per diluted share for the comparable period in 2011.

Robert Gerry, Chairman and CEO, commented: "VAALCO is now engaged in a number of exploration and development projects that we believe will add substantial value for the benefit of our shareholders. Over the ensuing months, we anticipate drilling high potential exploration wells in three countries in West Africa, while also adding additional development wells to our portfolio in Gabon."

As previously announced, a partner has been identified to acquire the available 40% working interest in Block 5, offshore Angola, and the party has been submitted to the Angolan government for approval. In November 2012, the government advised the Company that it has entered into negotiations with the potential partner. Once a new partner has been named, the consortium expects to proceed with the drilling of a pre-salt exploratory well.


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