HOUSTON, March 12, 2015 /PRNewswire/ -- VAALCO Energy, Inc. (NYSE: EGY) today announced that it has rescheduled its fourth quarter and fiscal year ended December 31, 2014 earnings conference call. The Company is expecting to issue financial results after market close on March 16, 2015 and is rescheduling the conference call for 10:00 a.m. Central Time (11:00 a.m. Eastern Time) on Tuesday, March 17, 2015.
The rescheduling is related to the Company's auditor's review of VAALCO's position with respect to an impairment analysis concerning the fair value of the Company's assets in the Etame Marin block offshore Gabon, in accordance with generally accepted accounting principles. The impairment analysis was necessitated by the substantial recent fall in oil prices, which resulted in lower projected future oil revenues. The Company does not expect the non-cash impairment write down to impact any of its financial statements prior to the fourth quarter of 2014.
Interested parties may participate by dialing 1 (800) 230-1093. International parties may dial 1 (612) 234-9960. The confirmation code is 356040. This call will also be webcast on VAALCO's website at www.vaalco.com.
An audio replay will be available beginning approximately one hour after the end of the conference call through April 17, 2015, on the Company's website and by dialing 1 (800) 475-6701. International parties may dial 1 (320) 365-3844. The confirmation code is 356040.
Forward Looking Statements
This document includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 document 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 expected capital expenditures, future drilling plans, prospect evaluations, negotiations with governments and third parties, expectations regarding processing facilities, and reserve growth. 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, oil and gas price volatility, inflation, general economic conditions, the Company's success in discovering, developing and producing reserves, lack of availability of goods, services and capital, environmental risks, drilling risks, foreign operational risks, and regulatory changes. These and other risks are further described in VAALCO's annual report on Form 10-K for the years ended December 31, 2013 and 2014 (to be filed shortly), and other reports filed with the SEC which can be reviewed at http://www.sec.gov, or which can be received by contacting VAALCO at 9800 Richmond Avenue, Suite 700, Houston, Texas 77042, (713) 623-0801. 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. VAALCO disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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.