VAALCO Announces Changes to Its Board of Directors
VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“VAALCO” or “the
Company”) today announced that Catherine Stubbs and George Maxwell
were elected as new independent directors to the Company’s Board of
Directors at VAALCO’s 2020 Annual Meeting of Stockholders.
Ms. Stubbs and Mr. Maxwell will serve on the Audit, Compensation,
and Nominating and Corporate Governance Committees. Ms.
Stubbs will serve as Chair of the Audit Committee. Mr. Maxwell will
serve as Chair of the Compensation Committee. These two new
directors replace John Knapp and Steve Pully who did not stand for
In addition, Bradley Radoff has been appointed
to the Company’s Board of Directors, effective June 25, 2020.
Mr. Radoff will serve on the Audit Committee. Following this
appointment, VAALCO’s Board will be comprised of five members of
which four are considered independent.
Andrew Fawthrop, VAALCO’s Chairman of the Board
commented, “We believe that Catherine, George and Brad will bring
significant experience in the offshore and international energy
sector that will help support VAALCO in achieving our strategic
goals. In addition, the two new members will refresh the
Board of Directors and bring in diverse perspectives. We also
want to recognize our outgoing Board members, John Knapp and Steve
Pully. They have both served on our Board for several years
and I would like to thank them for their insight, leadership and
Catherine Stubbs has over 30 years of experience
in the energy industry. She currently serves as a director of
Aspire Holdings, LLC (formerly Endeavour International
Corporation), an independent oil and gas exploration and production
company in Houston, Texas. Ms. Stubbs has been with Aspire
Holdings, LLC since 2004 and has served in numerous roles,
including Director Accounting and Financial Controls, Director
Treasury and Corporate Development, Vice President and Senior Vice
President – Finance. In October 2015, Ms. Stubbs was promoted
to the position of President and Chief Financial Officer.
Prior to joining Aspire Holdings, LLC she served
as Assistant Controller, Financial Reporting and Corporate
Accounting at Devon Energy, Inc. (formerly Ocean Energy, Inc.) from
1997 to 2004. Ms. Stubbs began her career in public
accounting with KPMG, an international audit and business strategy
consulting firm, where she rose to the title of Audit Manager.
Ms. Stubbs is a Certified Public Accountant in the State of
Texas and she currently serves on the board of directors of various
charity and educational institutions. Ms. Stubbs holds a
Bachelor of Business Administration and Master in Professional
Accounting from the University of Texas at Austin.
George Maxwell has over 25 years of experience
in the oil and gas industry, including in both the producing and
service/manufacturing arenas. Mr. Maxwell founded Eland Oil
& Gas Plc. in 2009 and served as the company’s Chief Executive
Officer from September 2014 to December 2019, Chief Financial
Officer from 2010 to 2014, and as a member of the board of
directors from 2009 to 2019. Eland Oil & Gas Plc was floated on
the London Stock Exchange in 2012 and remained admitted to trading
there until it was acquired by Seplat Petroleum Development Company
Plc. on December 17, 2019. Prior to founding Eland Oil &
Gas Plc., Mr. Maxwell served as the business development manager
for Addax Petroleum and as commercial manager in Geneva. Mr.
Maxwell joined Addax Petroleum in 2004 and held the general manager
position in Nigeria, where he was responsible for finance, and
fiscal and commercial activities. Prior to this, Mr. Maxwell
worked with ABB Oil & Gas as Vice President of Finance based in
the UK with responsibilities for Europe and Africa and in a similar
role in Houston, from where the organization ran its operations in
ten countries. Mr. Maxwell has strong ties to the London
Mr. Maxwell graduated from Robert Gordon
University in Aberdeen with a Masters in Business Administration.
He is a Fellow of the Energy Institute in the UK and has
formerly served on the Boards of Directors of Elcrest Exploration
and Production Nigeria Ltd. as well as at Westport Oil Limited.
Bradley Radoff has served as Principal of
Fondren Management LP, a private investment management company,
since January 2005. Mr. Radoff previously served as a
Portfolio Manager at Third Point LLC and as a Managing Director of
Lonestar Capital Management LLC. Mr. Radoff currently serves
as a director on the Board of Support.com and previously served on
the Board of Pogo Producing Company from March 2007 to November
2007 prior to its sale to Plains Exploration. Mr. Radoff
graduated summa cum laude with a B.S. in Economics from The Wharton
School, University of Pennsylvania. As of June 25, 2020, Mr.
Radoff beneficially owns 3,906,000 shares of VAALCO common stock,
consisting of 1,350,000 shares owned directly, 2,471,000 shares
owned through BLR Partners LP and 85,000 shares owned through the
Radoff Family Foundation.
VAALCO, founded in 1985, is a Houston, USA
based, independent energy company with production, development and
exploration assets in the West African region.
The Company is an established operator within
the region, holding a 31.1% working interest in the Etame Marin
Block, located offshore Gabon, which to date has produced over 116
million barrels of crude oil and of which the Company is the
For Further Information
VAALCO Energy, Inc. (General and Investor
+00 1 713 623 0801
|Al Petrie Advisors (US
||+00 1 713 543 3422
|Al Petrie / Chris Delange
|Buchanan (UK Financial
||+44 (0) 207 466 5000
|Ben Romney / Kelsey
Traynor / James Husband
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