Form: 10KSB

Optional form for annual and transition reports of small business issuers [Section 13 or 15(d), not S-B Item 405]

March 31, 2003

Documents

SUBSIDIARIES OF THE REGISTRANT

Published on March 31, 2003


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