USA: VAALCO Posts Q2 Net Income of USD 11.8 Million

VAALCO Energy, Inc. today reported net income attributable to VAALCO of $11.8 million, or $0.20 per diluted share, for the second quarter of 2011 compared to a net income attributable to VAALCO of $10 million, or $0.18 per diluted share, for the comparable period in 2010. Second quarter 2011 revenues were $58.5 million compared to $33.7 million in the second quarter of 2010.

Highlights – Six Months 2011 vs. 2010:

• 65% increase in gross revenues
• 94% increase in operating income
• 43% increase in earnings per share
• Subject to final closing on acreage in Roosevelt County, Montana, assembled approximately 28,200 gross acres (approximately 18,600 acres net) in Bakken prospective acres

Robert Gerry, Chairman and CEO, commented: “VAALCO had a great first six months, primarily driven by increased production and robust commodity prices. We believe our strong balance sheet and cash flow from operations will allow VAALCO to explore in Angola in the first half of 2012 while continuing to add additional reserves and cash flow through our unconventional properties.”

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Source: VAALCO Energy, August 09, 2011;