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VAALCO REPORTS RECORD YEAR END RESULTS

 HOUSTON, April 1 /PRNewswire/ -- VAALCO Energy, Inc. (NASDAQ: VEIX), today reported record earnings for the year ended Dec. 31, 1992. Net income attributable to common stockholders for the year was $11.5 million or $1.30 per share.
 "We are very pleased to report a year of impressive earnings to our stockholders," said C.W. Alcorn Jr., chairman and chief executive officer. "It is quite satisfying that both revenues and net income reached record levels for the year."
 Financial Results
 Total revenues for the year ended 1992 were $19.3 million, compared to $10.9 million in 1991, a 75 percent increase.
 Net income attributable to common stockholders for the year ended 1992 was $11.5 million or $1.30 per share compared to a net loss in 1991 of $3.1 million.
 Operating costs and expenses for the year were $12.5 million, compared to $14.9 million in 1991, a 16 percent decrease.
 As of Dec. 31, 1992 the company's working capital was $3 million, compared to a working capital deficit in 1991 of $19.2 million. As of Dec. 31, 1992, stockholders' equity was $23 million, up from $11.5 million as of Dec. 31, 1991.
 VAALCO Energy, Inc. is a Houston-based oil exploration and production company. The commencement of production from the West Linapacan "A" field, located in the South China Sea, 40 miles offshore Palawan Island in the Republic of the Philippines provided the company with a major new source of revenues in 1992.
 VAALCO ENERGY, INC.
 Summary Financial Information
 (All amounts in thousands, except per share amounts)
 Year ended Dec. 31 1992 1991
 Total revenues $19,253 $ 10,916
 Operating costs and expenses 12,503 14,893
 Operating income (loss) 6,750 (3,977)
 Net income (loss) attributable
 to common shareholders 11,535 (3,088)
 Income (loss) per share(A) 1.30 (0.35)
 Weighted average common shares
 outstanding (A) 8,856,614 8,856,614
 (A) -- On Jan. 29, 1993, the company effected a 1-for-10 reverse stock split. The number of common shares and per share amounts have been restated to reflect the reverse stock split.
 -0- 4/1/93
 /CONTACT: Karen Merryman, director-financial reporting, investor relations of VAALCO Energy, Inc., 713-623-0801/
 (VEIX)


CO: VAALCO Energy, Inc. ST: Texas IN: OIL SU: ERN

TS-OS -- NY095 -- 2211 04/01/93 16:30 EST
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Publication:PR Newswire
Date:Apr 1, 1993
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