VAALCO Energy, Inc. Regains Compliance With NYSE Continued Listing Standard and Provides Operational Update
June 04 2018 - 4:45PM
VAALCO Energy, Inc. (NYSE:EGY) today announced that it has received
notification from the New York Stock Exchange (“NYSE”) that the
Company has regained full compliance with all of the NYSE’s
continued listing standards, as indicated in a letter delivered to
the Company on May 30, 2018. The Company’s common stock continues
to trade without interruption on the NYSE.
VAALCO also is announcing that the workover
operations on the S. Tchibala 1HB well are complete and replacement
of the Electrical Submersible Pump (ESP) system was conducted
safely and efficiently with no injuries or environmental
incidents. The well is producing at approximately 990 barrels
of oil gross, or 270 barrels of oil net to the Company. Workover
operations are underway to replace the ESP system in the Avouma 2H
well and restore approximately 2,000 barrels of oil gross
production, or 540 barrels of oil net production to the
Company.
Cary Bounds, Chief Executive Officer commented,
“We are pleased to have regained full compliance with all NYSE
listing requirements and we are therefore no longer contemplating a
reverse stock split. At current Brent oil pricing, we are realizing
significant cash flow generation as we maintain production at prior
guidance levels. With the elimination of all of our outstanding
debt and the continued strengthening of our balance sheet, we are
preserving cash in anticipation of a development drilling campaign
on our offshore Gabon asset in 2019.”
Forward Looking Statements
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. All statements, other than statements of
historical facts, included in this document that address
activities, events, plans, expectations, objectives or developments
that VAALCO expects, believes or anticipates will or may occur in
the future are forward-looking statements. These statements
are based on assumptions made by VAALCO based on its experience and
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 and other risks are further described in
VAALCO's annual report on Form 10-K for the year ended December 31,
2017 and quarterly report on Form 10-Q for the quarter ended March
31, 2018 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.
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.
Investor Contact Phil Patman,
Jr. 713-623-0801
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