VAALCO Energy Announces the Appointment of Cary Bounds as Chief Executive Officer and Board Member and Closing of Hefley Leas...
January 03 2017 - 4:40PM
VAALCO Energy, Inc. (NYSE:EGY) (“VAALCO” or the “Company”)
announced today that Mr. Cary Bounds has been appointed Chief
Executive Officer and Board Member of VAALCO effective December 29,
2016. Mr. Bounds has been serving as the Chief Operating Officer
for VAALCO for the past 18 months and as the interim CEO for the
past five months.
Mr. Bounds has over 25 years of domestic and
international asset management, business development, planning and
technical engineering experience at large, multinational energy
companies as well as at mid-sized and larger independent E&P
companies. Immediately prior to joining VAALCO, Cary was Business
Unit Manager, Equatorial Guinea Assets and Country Manager, North
Sea at Noble Energy. He earned a Bachelor of Science degree in
Petroleum Engineering from Texas A&M University.
Andrew Fawthrop, VAALCO’s Chairman of the Board
of Directors commented, “After conducting an extensive search, the
Board firmly believes that Mr. Bounds is the right person to lead
the Company. Cary has done an exceptional job as VAALCO’s COO and
more recently as the interim CEO. As interim CEO, he was
instrumental progressing several strategic initiatives, including
our acquisition of an additional working interest in the Etame
Marin Permit, the strategic decision to exit Angola and discontinue
operations in that country and the disposition of some of our small
U.S. positions. In addition, Cary’s leadership has been critical to
managing costs during this period of low commodity prices.
The Board has full confidence in Cary’s strategic vision for
VAALCO. With the recent improvement in the commodity market and
Cary’s appointment as CEO, we believe VAALCO is poised to
capitalize on opportunities to add value to its shareholders and to
benefit from the expected recovery of the industry.”
Mr. Bounds remarked, “I would like to thank the
Board for entrusting me with the opportunity to build upon the
recent successes we have achieved. I look forward to leading our
great team of experienced professionals at the Company and working
with our Board as we move forward with our plans for strategic
growth. I am excited for the future of VAALCO and am very pleased
to be asked to serve in this important role.”
Sale of Hefley LeaseAs
previously announced, on September 21, 2016, VAALCO signed a letter
of intent to sell its interests in two Granite Wash gas wells on
the Hefley lease in North Texas. The sale to Hayabusa Energy group
closed on December 29, 2016 with an effective date of December 31,
2016. The two wells in total were producing approximately 69
barrels of oil equivalent per day net to VAALCO.
About VAALCO
VAALCO Energy, Inc. is a Houston-based
independent energy company principally engaged in the acquisition,
development and production of crude oil. The Company's properties
and acreage are located primarily in Gabon and Equatorial Guinea in
West Africa.
This news release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are those concerning VAALCO's plans,
expectations, and objectives for liquidity and capital resources,
future drilling, completion, workover and other operations and
activities. All statements, other than statements of historical
facts, included in this 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 may 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. 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.
For further information: Investor Contact Elizabeth Prochnow 713-623-0801
Vaalco Energy (NYSE:EGY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Vaalco Energy (NYSE:EGY)
Historical Stock Chart
From Apr 2023 to Apr 2024