VAALCO Energy, Inc. reported net income of $6.0 million, or $0.11 per diluted share, in the first quarter of 2010. The company had a net loss of $12.6 million, or ($0.22) per diluted share, in the corresponding quarter in 2009.
Revenues also moved up sharply, from $21.3 million in the first quarter of 2009 to $30.0 million in the quarter that just ended. The management of VAALCO Energy, Inc. said that the higher revenue was due to higher realized prices for oil, offset by lower sales volumes.
VAALCO Energy, Inc. sold approximately 403,000 barrels of oil in the first quarter of 2010 compared to 503,000 barrels of oil in the same quarter last year. The average price for oil sold increased from $42.15 per barrel to $74.33 per barrel on a year over year basis.
VAALCO Energy, Inc. has a 40% working interest in Block 5 located in offshore Angola. The company has the exploration rights on 1.4 million acres. VAALCO Energy, Inc. plans to drill 2 exploration wells on this block in 2010.
VAALCO Energy, Inc. also has interests in several different areas located in offshore areas of Gabon, including the Etame, Avouma, South Tchibala and Ebouri Fields. The company recently completed drilling the Ebouri 3H and 4H wells, which are each expected to produce between 3000-4000 barrels of oil per day.
For more information, visit the company’s website at www.vaalco.com