Last $5.70 USD
Change Today -0.15 / -2.56%
Volume 885.3K
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As of 8:04 PM 01/23/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

4600 Post Oak Place

Suite 300

Houston, TX 77027

United States

Phone: 713-623-0801

Fax: 713-623-0982

VAALCO Energy, Inc., an independent energy company, engages in the acquisition, exploration, development and production of crude oil and natural gas. The company owns producing properties and conducts exploration activities as an operator in Gabon, west Africa; conducts exploration activities as an operator in Angola, west Africa; and conducts exploration activities as a non-operator in Equatorial Guinea, west Africa. The company is the operator of unconventional and conventional resource properties in the United States primarily in North Texas. The company also owns minor interests in conventional production activities as a non-operator in the United States. Strategy International: The company’s international strategy is to pursue selective opportunities with a focus on west Africa that are characterized by reasonable entry costs, favorable economic terms, high reserve potential relative to capital expenditures and the availability of existing technical data that may be further developed. The company owns producing properties and conducts exploration activities as operator of two exploration licenses in Gabon, one exploration license in Angola, and as non-operator of one exploration license in Equatorial Guinea. Domestic: The company’s domestic strategy is to selectively acquire resource based properties, including liquids-rich shale properties. Offshore Gabon As of December 31, 2013, the company owned a 30.35% interest in the exploration acreage within the Etame Marin block. The company owns a 28.1% interest in the development areas in and surrounding the Etame, Avouma, South Tchibala, and Ebouri fields, each of which is located on the Etame Marin block. The company produces from the Etame, Avouma, South Tchibala and Ebouri fields on the block. During 2013, these fields produced approximately 6.2 million Bbls (1.8 million Bbls net to the Company). In 2013, the drilling and workover campaign included the drilling of a development well in the Avouma field, three well workovers to replace electric submersible pumps (ESPs) and two unsuccessful exploration wells. The 2014 program includes an exploration well, a replacement development well and one workover to replace ESPs. The xompany drilled the exploration well in the first quarter of 2014. Onshore Gabon The company executed a farm-out agreement in 2010 with Total Gabon on the Mutamba Iroru block located onshore near the coast in central Gabon. The Mutamba Iroru block contains an exploration area of approximately 270,000 acres. The company has a 50% working interest on the block (41% net working interest assuming the Republic of Gabon exercises its back-in rights). Offshore Angola The company’s working interest is 40%, and its paying interest is 50% including the government’s carried working interest during the exploration phase. Offshore Equatorial Guinea The company owns a 31% working interest in Block P, located offshore Equatorial Guinea. Onshore Domestic-Texas The company acquired a 640 acre lease in the Hefley field (Granite Wash formation) in North Texas. During 2013, the two wells produced approximately 5,000 Bbls of oil and 300 million cubic feet of gas net to the company after deduction of royalty and severance taxes. Onshore Domestic – Montana In 2011, the company acquired a 70% working interest in approximately 5,200 acres (3,640 net acres) in Sheridan County, Montana in the Middle Bakken formation. Onshore Domestic – South Dakota The company owns a 100% working interest in approximately 10,000 acres in Harding County, South Dakota. Customers In Gabon, the company sold oil under contracts with Mercuria Trading NV in 2013. Environmental Regulations in the United States The company generates wastes, including hazardous wastes that are subject to the federal Resource Conservation and Recovery Act (RCRA) and comparable state statutes. The Environmental Protection Agency (EPA) and various state agencies have limited the disposal options for certain wastes, including wastes designated as hazardous under RCRA and state analogs (Hazardous Wastes). The company is subject to the requirements of the federal Occupational Safety and Health Act (OSHA) and comparable state statutes. The OSHA hazard communication standard, the EPA community right-to-know regulations under Title III of CERCLA and similar state statutes require the company to organize and/or disclose information about hazardous materials used or produced in its operations. History VAALCO Energy, Inc. was founded in 1984. The company was incorporated in 1985.

 

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