Form: 10KSB40

Annual Report Form for Small Businesses that also have a Positive Response to Item 405

April 1, 2002

Documents

SUBSIDIARIES OF THE REGISTRANT

Published on April 1, 2002


Exhibit 21.1



Date and State of
Subsidiary Name Business Ownership Incorporation
--------------- -------- --------- --------------------

VAALCO Energy (USA), Inc........ Energy 100% 10/16/96 Delaware
VAALCO Gabon (Etame), Inc....... Energy 100% 6/14/95 Delaware
VAALCO Production (Gabon),
Inc............................ Energy 100% 6/14/95 Delaware
Alcorn (Philippines), Inc....... Energy 100% 2/28/86 Delaware
Alcorn (Production) Philippines,
Inc............................ Energy 100% 2/28/86 Delaware
Altisima Energy, Inc............ Energy 99% 1/18/99 Philippines