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Last $2.45 USD
Change Today -0.05 / -2.00%
Volume 1.4M
EGY On Other Exchanges
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As of 8:04 PM 05/22/15 All times are local (Market data is delayed by at least 15 minutes).

vaalco energy inc (EGY) Snapshot

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vaalco energy inc (EGY) Details

VAALCO Energy, Inc., an independent energy company, acquires, explores for, develops, and produces crude oil and natural gas in the United States. The company owns producing properties and conducts exploration activities as an operator of consortiums internationally in Gabon and Angola, as well as conducts exploration activities as a non-operator in Equatorial Guinea, West Africa. It also acts as the operator of unconventional resource properties in North Texas and a lease hold in Montana; and owns minor interests in conventional production activities as a non-operator. The company has interests in 28,700 gross acre offshore block in Gabon, the Etame Marin block; 28.1% interest in the development areas in and surrounding the Etame, Avouma, South Tchibala, and Ebouri fields; a 50% working interest in Mutamba Iroru block with an exploration area of approximately 270,000 acres located onshore near the coast in central Gabon; and a 40% working interest in Block 5 with approximately 1.4 million acres offshore, Angola. In addition, it owns a 31% working interest in Block P located offshore Equatorial Guinea; 640 and 480 acre leases in the Granite Wash formation in North Texas; a 50% working interest in approximately 11,000 net acres in Roosevelt County, Montana; minor interests in Brazos County, Texas; and non-operated interests in the Gulf of Mexico and in Pickens County, Alabama. VAALCO Energy, Inc. was founded in 1984 and is headquartered in Houston, Texas.

113 Employees
Last Reported Date: 03/16/15
Founded in 1984

vaalco energy inc (EGY) Top Compensated Officers

Chairman and Chief Executive Officer
Total Annual Compensation: $895.0K
President, Chief Operating Officer and Direct...
Total Annual Compensation: $720.2K
Chief Financial Officer
Total Annual Compensation: $502.3K
Executive Vice President
Total Annual Compensation: $411.5K
Compensation as of Fiscal Year 2014.

vaalco energy inc (EGY) Key Developments

Vaalco Energy Inc. Announces Consolidated Unaudited Earnings and Production Results for the First Quarter Ended March 31, 2015; Records Impairment Charges for the First Quarter of 2015

Vaalco Energy Inc. announced consolidated unaudited earnings and production results for the first quarter ended March 31, 2015. For the quarter, the company reported oil and gas sales of $18,239,000 compared with $28,071,000 for the same period a year ago. Operating loss was $35,278,000 compared with $650,000 for the same period a year ago. Loss before income taxes was $35,640,000 compared with $912,000 for the same period a year ago. Net loss attributable to VAALCO Energy Inc. was $39,005,000 or $0.67 per basic and diluted share compared with $7,038,000 or $0.12 per basic and diluted share for the same period a year ago. Net cash used in operating activities was $601,000 compared with $23,542,000 for the same period a year ago. Property and equipment expenditures was $28,070,000 compared with $24,751,000 for the same period a year ago. For the quarter, the company successfully drilled and completed two development wells on the new Etame platform, offshore Gabon. First production from the Etame 10-H and Etame 12-H wells occurred in February and April 2015, respectively. Increased offshore Gabon production capacity 30% since the fourth quarter of 2014 with the two new wells which are currently producing a combined total of 4,600 gross barrels of crude oil per day (BOPD) (1,100 BOPD net to the Company). Grew total production to 1,555,600 barrels of crude oil (Bbls) gross (380,000 Bbls net), up 6% compared to 1,370,000 Bbls gross (360,000 Bbls net) in the first quarter of 2014. Confirmed 25 million gross Bbls in place in the Etame 1-V fault block based on successful drilling at the new Etame platform. Mobilized the Transocean “Constellation II” jack up rig to begin development drilling at the new Southeast Etame/North Tchibala (SEENT) platform following completion of initial drilling at the Etame platform. For the quarter, the company recorded an impairment of proved properties of $5,399,000.

Russell Scheirman Retires as President, Director and Chief Operating Officer of VAALCO Energy, Inc

VAALCO Energy Inc. announced that Russell Scheirman has informed the company that he will retire as President and Chief Operating Officer, effective immediately following the company's 2015 Annual Meeting of Stockholders, scheduled for June 3, 2015. Mr. Scheirman, who has served as a Director of the company since 1991, will not stand for re-election as a director at the 2015 Annual Meeting of stockholders and will step down from the company Board of Directors immediately following the meeting. Following his retirement, Mr. Scheirman will continue to support company's senior management team in a consulting capacity through the end of 2015.

VAALCO Energy Announces Production Update from Etame 12-H

VAALCO Energy Inc. announced first production from Etame 12-H, a development well drilled from the Etame platform offshore Gabon. Etame 12-H was drilled to a measured depth of approximately 3,450 meters targeting the recently discovered, untapped lower lobe of the Gamba reservoir. Following completion operations, the well was brought online at the rate of approximately 2,000 BOPD on a gross basis (approximately 500 BOPD net to VAALCO) with no indication of hydrogen sulfide (H2S). The well is currently being temporarily constrained at the above production level while it is being optimized for efficiency. The Etame 12-H is an offset well to the Etame 10-H well which began producing in February 2015, at a rate of 3,000 BOPD, and was the first oil production from the recently commissioned Etame platform. The contracted jack up rig, the Transocean "Constellation II", is now being mobilized to drill additional development wells from the Southeast Etame/N. Tchibala ("SEENT") platform, beginning with the 2-H well in the Southeast Etame field, where the Company and its partners drilled a successful exploration well in 2010. Following the drilling of the Southeast Etame 2-H well, the rig will drill the North Tchibala 1-H well, the first of VAALCO's wells offshore Gabon to be drilled targeting the Dentale formation. No H2S is expected from the Southeast Etame/N. Tchibala fields.


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