HOUSTON, April 16, 2015 /PRNewswire/ -- VAALCO Energy, Inc. (NYSE: EGY) today announced that Russell Scheirman has informed the Company that he will retire as President and Chief Operating Officer, effective immediately following the Company's 2015 Annual Meeting of Stockholders, scheduled for June 3, 2015. Mr. Scheirman, who has served as a Director of VAALCO since 1991, will not stand for re-election as a director at the 2015 Annual Meeting of Stockholders and will step down from the VAALCO Board of Directors immediately following the meeting.
"Russell's contribution to building VAALCO Energy into the company it is today has been extraordinary," said Steve Guidry, CEO of VAALCO. "Over the past 24 years, his dedication and excellence have been a significant factor in VAALCO's success, and we are grateful for all his contributions. All of us who have had the privilege of working with Russell will miss his outstanding leadership and expertise. On behalf of the Board and every member of the VAALCO team, we wish him all the best in his retirement."
Mr. Scheirman joined VAALCO in 1991 as Executive Vice President, Chief Financial Officer and a member of the Board of Directors. In 1992, he became President. Since 2008, Mr. Scheirman has served as President and Chief Operating Officer, overseeing the day-to-day operations of the Company's exploration, drilling and production areas, and as a Director of VAALCO.
Following his retirement, Mr. Scheirman will continue to support VAALCO's senior management team in a consulting capacity through the end of 2015.
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.
Gregory R. Hullinger
Chief Financial Officer
Tim Lynch / Jed Repko
Joele Frank, Wilkinson Brimmer Katcher
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SOURCE VAALCO Energy, Inc.