VAALCO Names New CFO

VAALCO announced that Gregory R. Hullinger has been named Chief Financial Officer of the Company. Hullinger succeeds W. Russell Scheirman, who will continue as VAALCO's President and will assume the additional position of Chief Operating Officer.

Hullinger, 55, joins VAALCO with more than 30 years of finance, accounting and tax experience at Shell Oil Company and its parent company, Royal Dutch Shell. Hullinger most recently served as the Global Finance Implementation Manager for a Shell-wide records management initiative. Previously, he served as Shell Oil's Corporate Finance Manager leading its corporate restructuring initiative and as the Company's Controller and Treasurer. Prior to that, Hullinger served as Chief Financial Officer of Shell Deer Park Refining Company. When based in London, Hullinger served as the International Internal Audit Manager for Royal Dutch Shell and as the Manager-Group Accounting, the unit responsible for the financial consolidations, results and reporting for Royal Dutch Shell. In another international assignment, Hullinger served as Chief Financial Officer for Pecten Cameroon Company, a Shell Oil subsidiary located in Cameroon, West Africa. Hullinger was twice Chairman of the Accounting Committee of the American Petroleum Institute. He holds a B.S. in accounting from Louisiana State University.

Hullinger said, "I am extremely pleased to be joining VAALCO at this exciting time of growth and opportunity as we execute on the Company's drilling program and drive value for VAALCO shareholders."

"We are pleased to welcome Greg to VAALCO," said Robert L. Gerry, III, Chairman and CEO. "His extensive financial and E&P industry experience in key regions that we have targeted for growth makes him the ideal candidate to lead our finance and accounting team."