VAALCO on Track with Gabon Development Program

Etame Field
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VAALCO has successfully drilled and completed the Etame 7H development well (ET-7H) and has moved the contracted rig, the Sapphire Driller, onto location to drill the South Tchibala development well (ETBSM-2H) from the existing Avouma / South Tchibala platform. The ETBSM-2H well was spudded on October 4, 2010.

VAALCO is currently mobilizing the installation vessel from Houston, Texas to the ET-7H well location to begin the work to lay and connect the production, service and gas lift lines between the sub-sea tree and the Company's floating production, storage and offloading ("FPSO") facilities. As previously announced, initial production from this well is expected in the fourth quarter of 2010.

Following the drilling of the ETBSM-2H development well in the South Tchibala field, VAALCO will drill a new exploration well, ETOMG-1 in the Omangou prospect. The prospect is located approximately two miles southeast of the Ebouri platform and approximately four miles to the northwest of the center of the Etame field.

The Company's subsidiary VAALCO Gabon Etame, Inc. operates the Etame Marin Permit in which it holds a 28.07% net interest in the Etame Field. Other participants in the permit are Addax Petroleum Etame Inc. (31.36%), Sasol Petroleum Etame Limited (27.75%), Sojitz Etame Limited (2.98%), PetroEnergy Resources Corp. (2.34%) and Tullow Oil Gabon SA (7.5%).

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