VAALCO has recently acquired a 640 acre lease in the Granite Wash formation in Hemphill County, Texas and that the Company has secured a drilling rig. The rig has been drilling in the Granite Wash formation for other operators. VAALCO expects to drill an initial well in the formation in the second quarter of 2011 and is developing plans to drill a further two wells during 2011, if the initial well is successful.
Robert Gerry, Chairman and Chief Executive Officer of VAALCO, commented, "This is a new venture for VAALCO and signals our re-entry into the domestic Exploration and Production oil and gas market. We believe this lease is well located and anticipate adding additional acreage in the coming months."
Mr. Gerry continued, "We are continuing to evaluate international projects, as well as domestic opportunities. With a clean balance sheet and strong cash flow from our operations in Gabon, West Africa, we are well positioned to pursue transactions that will add reserves and cash flow for the benefit of our stockholders."
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