Published on June 30, 2009
Exhibit 99.1
FOR
IMMEDIATE RELEASE
VAALCO
ENERGY AUTHORIZES SHARE BUYBACK PROGRAM
HOUSTON –
June 24, 2009 – VAALCO Energy, Inc. (NYSE: EGY) today announced that its Board
of Directors has authorized the repurchase of up to $10 million of the Company’s
common stock.
“We are
pleased to announce this buyback as part of our capital allocation program,”
said Robert Gerry, Chairman and CEO. “In addition to providing for a
return of capital to our shareholders, we believe our stock is an excellent
investment at today’s prices. With our strong balance sheet and
projected cash flow, we continue to review additional opportunities to increase
shareholder value.”
Under the
share buyback program, shares of common stock will be purchased on the open
market or through privately negotiated transactions from time-to-time during the
authorized 12 month period. Under the authorization, the timing and
amount of purchases would be based upon market conditions, securities law
limitations and other factors. The share buyback program does not
obligate the Company to acquire any specific number of shares in any period, and
may be modified, suspended, extended or discontinued at any time without prior
notice. The Company currently has outstanding approximately 59 million diluted
shares of common stock.
Forward-Looking
Statements
This
document includes “forward-looking statements” as defined by the U.S. securities
laws. Forward-looking statements are those concerning VAALCO’s plans,
expectations, and objectives for future drilling, completion and other
operations and activities. All statements included in this document
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 the number, price and timing of
shares that may be purchased. 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 appropriate in the circumstances. 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, lack of availability of goods, services and capital, environmental
risks, drilling risks, foreign operational risks and regulatory
changes. 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, 2008 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 309, Houston, Texas
77027, (713) 623-0801.
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 and Angola, West
Africa.
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Investor
Contact
Greg
Hullinger
Chief
Financial Officer
713-623-0801
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Media
Contact
Barrett
Golden / Tim Lynch
Joele
Frank, Wilkinson Brimmer Katcher
212-355-4449
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