VAALCO Energy Authorizes Share Buyback Program

HOUSTON, June 24 /PRNewswire-FirstCall/ -- VAALCO Energy, Inc. (NYSE: EGY)
today announced that its Board of Directors has authorized the repurchase of
up to $10 million of the Company's common stock.

"We are pleased to announce this buyback as part of our capital allocation
program," said Robert Gerry, Chairman and CEO. "In addition to providing for
a return of capital to our shareholders, we believe our stock is an excellent
investment at today's prices. With our strong balance sheet and projected
cash flow, we continue to review additional opportunities to increase
shareholder value."

Under the share buyback program, shares of common stock will be purchased on
the open market or through privately negotiated transactions from time-to-time
during the authorized 12 month period. Under the authorization, the timing
and amount of purchases would be based upon market conditions, securities law
limitations and other factors. The share buyback program does not obligate
the Company to acquire any specific number of shares in any period, and may be
modified, suspended, extended or discontinued at any time without prior
notice. The Company currently has outstanding approximately 59 million diluted
shares of common stock.

Forward-Looking Statements
This document includes "forward-looking statements" as defined by the U.S.
securities laws. 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 the number, price and timing of shares that may be
purchased. 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, inflation, lack of availability of goods,
services and capital, environmental risks, drilling risks, foreign operational
risks and regulatory changes. 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. These risks are further described in VAALCO's annual report on
Form 10-K for the year ended December 31, 2008 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 4600 Post Oak Place, Suite 309, Houston, Texas 77027,
(713) 623-0801.

About VAALCO
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 and Angola, West Africa.

Investor Contact Media Contact
Greg Hullinger Barrett Golden / Tim Lynch
Chief Financial Officer Joele Frank, Wilkinson Brimmer Katcher
713-623-0801 212-355-4449

SOURCE VAALCO Energy, Inc.

Investors, Greg Hullinger, Chief Financial Officer, +1-713-623-0801; Media,
Barrett Golden or Tim Lynch, both of Joele Frank, Wilkinson Brimmer Katcher,
+1-212-355-4449