VAALCO does not anticipate that any person will own 10% or more of its outstanding common stock following settlement of the sale by the 1818 Fund II, L.P.
In connection with the settlement of the sale by the 1818 Fund II, L.P., Mr. Lawrence Tucker, Mr. T. Michael Long and Mr. Walter Grist will resign from the Board of Directors of VAALCO. The remaining members of VAALCO's Board of Directors intend to appoint their successors who will stand for election at VAALCO's annual shareholders meeting on June 8, 2005. VAALCO does not anticipate any other changes in its Board of Directors and executive management in connection with the sale by the 1818 Fund II, L.P.
A written prospectus relating to the resale of VAALCO's common stock by the 1818 Fund II, L.P. meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained by contacting Gayla M. Cutrer, VAALCO Energy, Inc., 4600 Post Oak Place, Suite 309, Houston, Texas 77027, telephone (713) 623-0801.
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