VAALCO Energy Announces the Appointment of Cary Bounds as Chief Executive Officer and Board Member and Closing of Hefley Lease Sale in North Texas

VAALCO Energy, Inc. (ticker: EGY) announced today that Cary Bounds has been appointed Chief Executive Officer and Board Member of VAALCO effective December 29, 2016. Bounds has been serving as the Chief Operating Officer for VAALCO for the past 18 months and as the interim CEO for the past five months.

Bounds has over 25 years of domestic and international asset management, business development, planning and technical engineering experience at large, multinational energy companies as well as at mid-sized and larger independent E&P companies. Immediately prior to joining VAALCO, Bounds was Business Unit Manager, Equatorial Guinea Assets and Country Manager, North Sea at Noble Energy. He earned a Bachelor of Science degree in Petroleum Engineering from Texas A&M University.

Andrew Fawthrop, VAALCO’s Chairman of the Board of Directors commented, “After conducting an extensive search, the Board firmly believes that Mr. Bounds is the right person to lead the Company. Cary has done an exceptional job as VAALCO’s COO and more recently as the interim CEO. As interim CEO, he was instrumental progressing several strategic initiatives, including our acquisition of an additional working interest in the Etame Marin Permit, the strategic decision to exit Angola and discontinue operations in that country and the disposition of some of our small U.S. positions. In addition, Cary’s leadership has been critical to managing costs during this period of low commodity prices.  The Board has full confidence in Cary’s strategic vision for VAALCO. With the recent improvement in the commodity market and Cary’s appointment as CEO, we believe VAALCO is poised to capitalize on opportunities to add value to its shareholders and to benefit from the expected recovery of the industry.”

Bounds remarked, “I would like to thank the Board for entrusting me with the opportunity to build upon the recent successes we have achieved. I look forward to leading our great team of experienced professionals at the Company and working with our Board as we move forward with our plans for strategic growth. I am excited for the future of VAALCO and am very pleased to be asked to serve in this important role.”

Sale of Hefley Lease

As previously announced, on September 21, 2016, VAALCO signed a letter of intent to sell its interests in two Granite Wash gas wells on the Hefley lease in North Texas. The sale to Hayabusa Energy group closed on December 29, 2016 with an effective date of December 31, 2016.  The two wells in total were producing approximately 69 barrels of oil equivalent per day net to VAALCO.


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