HOUSTON, Aug. 4, 2015 /PRNewswire/ -- VAALCO Energy,
Inc. (NYSE: EGY) announced today that its Board of Directors has
authorized the repurchase of up to 5.8 million shares of the
Company's common stock, which represents approximately 10% of the
Company's outstanding common stock, in open market transactions
from time to time during the upcoming 18-month period and in
accordance with the requirements of the Securities and Exchange
Commission.
Steve Guidry, VAALCO's Chairman
and CEO, commented, "We are pleased to announce this buyback as it
underscores our confidence in the strength of our balance sheet,
quality of our assets and our ongoing ability to generate cash
flow. At recent market price levels, we believe our common shares
represent an excellent opportunity to buy at a significant discount
and are a highly attractive investment. We will continue to review
additional opportunities to increase shareholder value."
The share buyback program does not obligate the Company to
acquire any specific number of shares in any period, and may be
expanded, extended, modified or discontinued at any time. Payment
for shares repurchased under the program will be funded using the
Company's cash on hand. At the end of the first quarter, the
Company had outstanding approximately 58 million shares of common
stock issued and outstanding.
About VAALCO
VAALCO Energy, Inc. is a Houston-based independent energy company
principally engaged in the acquisition, exploration, development
and production of crude oil. VAALCO's strategy is to increase
reserves and production through the exploration and exploitation of
oil and natural gas properties with high emphasis on international
opportunities. The company's properties and exploration
acreage are located primarily in Gabon, Angola
and Equatorial Guinea in
West Africa.
Other Information
This document includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are those concerning VAALCO's plans,
expectations, and objectives for future drilling, completion and
other operations and activities. All statements included in this
document that address activities, events or developments that
VAALCO expects, believes or anticipates will or may occur in the
future are forward-looking statements. These statements include
expected capital expenditures, future drilling plans, prospect
evaluations, liquidity, negotiations with governments and third
parties, expectations regarding processing facilities, and reserve
growth. These statements are based on assumptions made by VAALCO
based on its experience, perception of historical trends, current
conditions, expected future developments and other factors it
believes are appropriate in the circumstances. Such statements are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond VAALCO's control. These risks include, but are
not limited to, oil and gas price volatility, inflation, general
economic conditions, the Company's success in discovering,
developing and producing reserves, lack of availability of goods,
services and capital, environmental risks, drilling risks, foreign
operational risks, and regulatory changes. These and other risks
are further described in VAALCO's quarterly report on Form 10-Q for
the three months ended March 31,
2015, annual report on Form 10-K for the year ended
December 31, 2014, and other reports
filed with the SEC which can be reviewed at http://www.sec.gov, or
which can be received by contacting VAALCO at 9800 Richmond Avenue,
Suite 700, Houston, Texas 77042,
(713) 623-0801. Investors are cautioned that forward-looking
statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected
in the forward-looking statements. VAALCO disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise.
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SOURCE VAALCO Energy, Inc.