-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WxMY/aOM1eXVT2GktOKlZEAS2Qa4L7XPdgWAxXQ+f9myxlRGVktOVbgqh3zRkUJF CTM7DuIuuT7jYU6io7XI0Q== 0001193125-03-005881.txt : 20030516 0001193125-03-005881.hdr.sgml : 20030516 20030516144550 ACCESSION NUMBER: 0001193125-03-005881 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030516 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VAALCO ENERGY INC /DE/ CENTRAL INDEX KEY: 0000894627 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 760274813 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20928 FILM NUMBER: 03708251 BUSINESS ADDRESS: STREET 1: 4600 POST OAK PL STE 309 CITY: HOUSTON STATE: TX ZIP: 77027 BUSINESS PHONE: 7136230801 8-K 1 d8k.txt FORM 8-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report May 16, 2003 (Date of earliest event reported) VAALCO Energy, Inc. (Exact name of registrant as specified in its charter) Delaware 0-20928 76-0274813 (State or other jurisdiction of (Commission File Number) (I.R.S. Employer incorporation or organization) Identification Number)
4600 Post Oak Place, Suite 309 Houston, Texas 77027 (Address of principal executive offices, including zip code) (713) 623-0801 (Registrant's telephone number, including area code) ================================================================================ Item 7. Financial Statements and Exhibits (c) Exhibits Exhibit Number Title of Document -------------- ----------------- 99.1 Press Release Issued May 16, 2003 Item 9. Regulation FD Disclosure The following information is being furnished pursuant to Item 12 "Disclosure of Results of Operations and Financial Condition," and is included under this Item 9 in accordance with the procedure guidance in SEC Release No. 33-8216. The information in this report is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. On May 16, 2003, VAALCO Energy, Inc. issued a press release announcing first quarter 2003 earnings. A copy of the press release is furnished with this report as Exhibit 99.1 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. VAALCO Energy, Inc. May 16, 2003 By: /s/ W. Russell Scheirman --------------------------------------- W. Russell Scheirman President and Chief Financial Officer Exhibit Index Exhibit Number Title of Document - -------------- ----------------- 99.1 Press Release Issued May 16, 2003 EX-99.1 3 dex991.txt PRESS RELEASE EXHIBIT 99.1 VAALCO Energy Announces First Quarter Earnings of $4.0 Million HOUSTON--(PR Newswire)--May 16, 2003 - VAALCO Energy, Inc. (VEIX - OTC), ---- VAALCO Energy, Inc. (Company) announced first quarter 2003 earnings attributable to common shareholders of $4.0 million or $0.19 per basic and $0.06 per diluted share. This compares to a net loss of $0.5 million or ($0.02) per basic and diluted share for the comparable period in 2002. The 2003 earnings included a one-time gain of $1.7 million associated with the adoption of SFAS No. 143 - "Accounting for Asset Retirement Obligations." First quarter 2003 revenues were $8.5 million compared to $144,000 in first quarter 2002. The Company sold 226,000 net barrels from the Etame field offshore Gabon during the first quarter and had inventory on board the tanker of 111,000 net barrels at March 31, 2003. The Etame field continues to produces at a rate of approximately 15,000 barrels of oil per day. Mr. Robert Gerry, Chairman, stated "The Etame field is performing as expected having surpassed the three million gross barrels production mark since coming on stream in September 2002. We are actively planning for a drilling campaign later this year or early 2004 to drill two exploration wells on the block. The locations will be chosen upon completion of seismic processing during the third quarter of this year. We are also studying in detail the potential expansion of the Etame field through additional infield wells." Abbreviated financial results: For the quarter ending March 31, 2003 2002 (Unaudited - in thousands of dollars) ---- ---- Revenues 8,549 144 Operating costs and expenses 4,023 633 ----- --- Operating Income (Loss) 4,526 (489) Other Income (Expense) (586) 6 Income tax expense (1,284) (2) Minority Interest in earnings of subsidiaries (392) 1 Cumulative effect of accounting change 1,717 -- ------- ---- Net Income (Loss) attributable to common shareholders 3,981 (484) This press release 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 press release 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 future production rates, completion and production timetables and costs to complete well. 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 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 10K/SB for the year ended December 31, 2002 and other reports filed with the SEC which can be reviewed at www.sec.gov, or which can be received by contacting VAALCO at 4600 Post Oak Place, Suite 309, Houston, Texas 77027, (713) 623-0801. For further information contact: W. Russell Scheirman 713-623-0801 -----END PRIVACY-ENHANCED MESSAGE-----