VAALCO Energy, Inc. reported results for the fourth quarter and full-year of 2010.
For the 2010 fourth quarter, VAALCO reported net income attributable to VAALCO of $8.9 million, or $0.15 per diluted share, compared to net income attributable to VAALCO of $2.2 million, or $0.04 per diluted share, for the comparable period in 2009. Fourth quarter 2010 revenues were $38.2 million compared to $32.6 million in the fourth quarter of 2009. Fourth quarter 2010 results reflect higher crude prices partially offset by lower sales volumes when compared to the fourth quarter of 2009.
For the year ended December 31, 2010, VAALCO reported a net income attributable to VAALCO of $37.3 million, or $0.65 per diluted share, compared to a net loss attributable to VAALCO of $7.9 million, or ($0.14) per diluted share, for the year ended December 31, 2009. For the year ended December 31, 2010 results reflect higher prices received for oil sales and lower exploration costs when compared to 2009.
“ We are pleased with our results for the fourth quarter and full year 2010 and with the results of the drilling program we conducted offshore Gabon during the year, ” said Robert Gerry , Chairman and CEO of VAALCO. “ We are currently working with our consortium partners to develop plans for a further drilling program offshore Gabon. In addition, we are evaluating the opportunities available to us onshore Gabon, offshore Angola and in the United States to enhance shareholder value via the drill bit .”
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Source: prnewswire ,March 15, 2011;