Net income of VAALCO Energy, Inc. (NYSE: EGY) in the second quarter of 2013 totaled $7.1 million or $0.12 per diluted share compared to net income of $10.4 million or $0.18 per diluted share for the comparable period in 2012. Second quarter 2013 revenues were $29.1 million compared to $58.8 million in the second quarter of 2012, the Company said in a media release.
Robert Gerry, Chairman and CEO commented, "During the first six months of 2013, we invested approximately $47 million, primarily in infrastructure projects offshore Gabon, to secure our future operations. The majority of this investment has been in the construction of two new platforms to be installed in Gabon in 2014 and in our ongoing drilling program. During the course of our drilling program, we elected to temporarily curtail production, primarily in the second quarter, in order to replace electrical submersible pumps in three producing wells and in order to change out generators on the Avouma Platform.
"Sequentially, earnings per share for the second quarter matched our first quarter. With the completion of most of the rig activity in offshore Gabon during the first half of 2013, we expect an increase in production, generating an improvement to our cash flow and balance sheet for the remainder of the year."
About VAALCO
VAALCO Energy, Inc. is a Houston based independent energy company principally engaged in the acquisition, exploration, development and production of crude oil. VAALCO's strategy is to increase reserves and production through the exploration and exploitation of oil and natural gas properties with high emphasis on international opportunities. The company's properties and exploration acreage are located primarily in Gabon, Angola and Equatorial Guinea in West Africa.
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