HOUSTON, Oct. 6, 2015 /PRNewswire/ -- VAALCO Energy,
Inc. (the "Company" or "VAALCO") (NYSE: EGY) issued the following
statement regarding the letter sent today to its Board of Directors
from Bradley L. Radoff (and related
entities) and Group 42, Inc.:
Our Board of Directors and
management team are committed to acting in the best interests of
all VAALCO stockholders. Consistent with this commitment, the
Board and management team are executing a strategic plan that we
believe will drive enhanced stockholder value and ensure that
VAALCO successfully moves through what is currently one of the most
challenging environments for the oil and gas industry.
As a matter of course, we maintain
an open dialogue with current and prospective investors.
Although we received no response to our most recent invitation to
meet with Bradley L. Radoff and
Group 42 to better understand their views, we have had several
previous conversations with Bradley L.
Radoff and Group 42. We welcome constructive input from our
stockholders on how we can create additional value.
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 news release 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, other than
statements of historical facts, included in this news release 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 annual report on Form 10-K for
the year ended December 31, 2015,
subsequent quarterly reports on Form 10-Q, 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. VAALCO assumes no obligation to update any
forward-looking statement as of any future date.
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SOURCE VAALCO Energy, Inc.