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VAALCO Energy Provides Update on Drilling Activities Offshore Gabon



     VAALCO Energy Provides Update on Drilling Activities Offshore Gabon

PR Newswire

HOUSTON, April 15, 2013

HOUSTON, April 15, 2013 /PRNewswire/ -- VAALCO Energy, Inc. (NYSE: EGY) today
provided an update on its drilling activities offshore Gabon.

(Logo:  http://photos.prnewswire.com/prnh/20100316/NY71495LOGO)

VAALCO has successfully completed the new development well (EAVOM-3H) in the
Avouma field. Production from this well commenced at a natural flow rate of
approximately 3,000 gross barrels of oil per day ("BOPD"), rising to 4,000
gross BOPD once the Electrical Submersible Pumps ("ESPs") were engaged at the
minimum setting. VAALCO will determine the optimal production rate for the
well in the coming weeks.

As previously announced, VAALCO is undertaking workovers to replace the ESPs
on the EAVOM-2H and ETBSM-1H wells, located on the Avouma platform. The
contracted rig, the KCA Deutag "Ben Rinnes," will then be moved onto location
to drill an exploration appraisal well to evaluate an untested fault block on
the South West flank of the Ebouri field with the Gamba reservoir as the
primary objective. The well will also test a secondary objective in the
Dentale formation.

The Ben Rinnes will then be employed to drill a further exploration well,
Prospect Mu, to the North of the Etame field. The well will be drilled in 60
meters of water to a depth of 2,700 meters to evaluate the Gamba reservoir and
the underlying Lucina formation. Studies undertaken by VAALCO and its
consortium partners with respect to Prospect Mu indicate that potential
reserves in excess of 30 million gross barrels of oil are estimated to be
recoverable.

The Company's subsidiary, VAALCO Gabon Etame, Inc., operates and owns a 28.07%
net interest in the Etame Marin block. Other partners in the block are Addax
Petroleum Etame, Inc. (31.36%), Sasol Petroleum Etame Limited (27.75%), Sojitz
Etame Limited (2.98%), PetroEnergy Resources Corp. (2.34%) and Tullow Oil
Gabon SA (7.5%).

Forward-Looking Statements
This press 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. All statements, other than
historical fact, included in this press 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 prospect evaluations, objectives for future drilling, negotiations
with governments and third parties, capital expenditures, timing of the
closing of a transaction, future production rates, reserve growth and other
operations and activities. 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 reasonable. 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, inflation, general economic conditions, oil
and gas prices, lack of availability of goods, services and capital, actions
by VAALCO's venture partners, environmental risks, drilling risks, foreign
operational risks, regulatory changes and risk factors contained in VAALCO's
Form 10-K for the year ended December 31, 2012 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.
These risks are further described in VAALCO's annual report on Form 10-K for
the year ended December 31, 2012, 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 4600 Post Oak Place, Suite 300, Houston, Texas 77027, (713)
623-0801. 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, 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, West Africa.

SOURCE VAALCO Energy, Inc.

Contact: Investor Contact: Gregory R. Hullinger, Chief Financial Officer,
713-623-0801; Media Contact: Tim Lynch/Jed Repko, Joele Frank, Wilkinson
Brimmer Katcher, 212-355-4449
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