November 11, 2008
Vaalco Energy Reports Increase in Q3 Net Income
Vaalco Energy, an independent energy company, has reported a net income of $22.3 million, or $0.38 per diluted share, for the third quarter of 2008, compared to $8.8 million, or $0.15 per diluted share, for the corresponding period in 2007.
The company has reported revenues of $55.5 million for the third quarter of 2008, compared to $34.8 million in the same quarter of 2007.
For the nine months ended September 30, 2008, net income was $37.2 million, or $0.63 per diluted share, compared to $17.1 million, or $0.28 per diluted share, in the same period of 2007. Year-to-date revenues were $153.05 million, compared to $88.08 million for the same period of 2007.
Robert Gerry, III, chairman and CEO of Vaalco Energy, said: "Vaalco's strong third quarter results reflect higher oil prices and crude volumes, as well as the expected benefit from a lower tax rate, attributable to increased capital expenditures during the quarter.
"Our drilling and exploration program is continuing at one of the strongest rates in our history, with prospects in place to grow reserves and production. Vaalco's capital position remains strong, enabling us to capitalize on these opportunities."