NYSE:EGY

BURKENROAD REPORTS Investment Conference

April 25, 2014

New Orleans, LA

2

This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the

Securities Exchange Act of 1934, as amended. All statements included in this presentation 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 expected capital expenditures, future

drilling plans, objectives and operations, prospect evaluations, negotiations and relations with governments and third parties, reserve growth, estimated

revenues and losses, and projected costs, timing and amount of future production. 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, general economic conditions, oil and gas price volatility, the VAALCO's success in discovering, developing and producing reserves, lack of

availability drilling equipment and services, availability of and capital, environmental risks, drilling risks, foreign operational risks, regulatory changes, the

uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures,

and other risks. Additional information on risks and uncertainties that could affect our business prospects and performance are provided in the most recent

reports of VAALCO filed with the Securities and Exchange Commission. These forward-looking statements are based on VAALCO’s current expectations and

assumptions about future events and are based on currently available information as to the outcome and timing of future events. VAALCO cautions you 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. VAALCO disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new

information, future events, or otherwise.

The SEC requires oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or

conclusive formation tests to be economically and legally producible under existing economic and operating conditions. VAALCO uses the terms “estimated

ultimate recovery,” “EUR,” “probable,” “3P,” “possible,” and “non-proven” reserves, reserve “potential” or “upside,” “unrisked potential” or other descriptions of

volumes of reserves potentially recoverable through additional drilling or recovery techniques that are not classified as proved reserves, may not have been

calculated as defined by SEC regulations and that the SEC’s guidelines may prohibit us from including in any future filings with the SEC. These estimates are by

their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being actually realized by the

company. VAALCO believes these estimates are reasonable, but such estimates have not been reviewed by independent engineers. Estimates may change

significantly as development provides additional data, and actual quantities that are ultimately recovered may differ substantially from prior estimates. Production

forecasts are dependent upon many assumptions, including estimates of production decline rates from existing wells and the outcome of future drilling activity.

Although VAALCO believes the forecasts are reasonable, VAALCO can give no assurance they will prove to have been correct. They can be affected by

inaccurate assumptions and data or by known or unknown risks and uncertainties.

Market and industry data and forecasts used in this presentation have been obtained from independent industry sources as well as from research reports

prepared for other purposes. Although VAALCO believes these third-party sources to be reliable, VAALCO has not independently verified the data obtained from

these sources and VAALCO cannot assure you of the accuracy or completeness of the data. Forecasts and other forward-looking information obtained from

these sources are subject to the same qualifications and uncertainties as the other forward looking statements in this presentation.

Inquiries:

VAALCO Energy, Inc.

Attn: Gregory R. Hullinger

4600 Post Oak Place, Suite 300

Houston, TX 77027

Ph: 713-623-0801

www.vaalco.com

Safe Harbor Statement

Near field

Development

Current West Africa

Exploration Program

Discovered Resource

Acquisition

Strong Cash Flow

3

Poised for Growth

Strong high margin base business Near term low risk growth opportunities Balanced long term growth strategy

West Africa Focus

4

Block 5 Working Interest 40.0%

1,400,000 gross acres 560,000 net acres

Offshore Exploration

Mutamba Iroru Permit Working Interest 41.0%

270,000 gross acres 111,000 net acres

Onshore Exploration & Development

Etame Marin Permit

Working Interest 28.1% 760,000 gross acres 213,000 net acres

Offshore Production and Exploration

Block P Working Interest 31.0%

57,000 gross acres 18,000 net acres

Offshore Exploration & Development

GABON Port Gentil

Libreville

Luanda

ANGOLA

EQUATORIAL GUINEA

Bata

Company Profile

5

Key Metrics

Share Price(1) $9.07

52-Week Range(1) $5.03 - $9.11

Market Capitalization(1) $516 million

Cash Balance(2) $144 million

Revolving Debt Facility (Undrawn) (1) $ 65 million

Net Production 4,400 BOPD

Reserves (2P)(2) 11 MMBOE

% Oil (Brent Based Pricing) 98%

% Operated 100%

Employees(2)

Corporate International

111 42 69 (1) As of 4/21/2014

(2) As of 12/31/2013

Efficient Reserve Development - Etame Marin Permit

6

Cost Metrics (2002-2013)

Development Costs $14 /BBL

Exploration Costs $ 3 /BBL

DD&A $ 9 /BBL

0

5,000

10,000

15,000

20,000

25,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Gross Production (BOPD) Etame Original Forecast Etame Base Actual Etame Additional Actual Avouma Ebouri

Exploitation and Development skills

Repeatable performance

Next development underway

Growth in EUR

0.0

20.0

40.0

60.0

80.0

100.0

120.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

1P

Re

serv

es

(MM

BO

)

EUR 1P ReservesGross EUR 1P Reserves

Reserves - Etame Marin Permit

7

Reserves Summary(1) (As of 12/31/2013)

Proved 7.2 MMBO

Probable 3.4 MMBO

Possible 3.8 MMBO

Total Reserves 14.4 MMBO

(1) Fully Engineered by Netherland Sewell & Associates, Incorporated

50%

24%

26%

3P Reserves

Proved Probable Possible

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

$110

$14

$16

$4 $6

$19

$10

$39

Net Cash Flow Summary ($/bbl) 2013

Margin

DD&A

Taxes (Profit Oil)

G&A

Workovers

OPEX

Royalty

13%

15%

4%

6%

17% 9%

36%

Net Cash Flow Summary (%/bbl) 2013

Royalty OPEX Workovers G&A Taxes (Profit Oil) DD&A Margin

Margin per Barrel - Etame Marin Permit

8

$ 108

Oily and Leveraged to Brent

9

$85.00

$90.00

$95.00

$100.00

$105.00

$110.00

$115.00

$R

ev

/Bb

l

Realized Oil Price Per BBLCompared to Brent BBL (2012)

$85.00

$90.00

$95.00

$100.00

$105.00

$110.00

$115.00

$R

ev

/Bb

l

Realized Oil Price Per BBLCompared to Brent BBL (2012)

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

To

tal %

of

Pro

du

cti

on

Oil / Gas Production

% Gas

% Oil

Comparators Anadarko

ENI Harvest

Shell SINOPEC

TOTAL Tullow Oil

Development Projects

10

Operator with a 28.1% net W.I. Partners: Addax, Sasol, Sojitz , PetroEnergy and Tullow

Oil production - 18,000 BOPD gross

Cumulative production through 2013 - 79.7 million barrels

Construction of two new platforms underway

Evaluating possible 7th extension to the Etame Marin Exploration Permit

Offshore Gabon – Etame Marin Permit

11

GABON Port Gentil

Libreville

Etame Marin Permit Working Interest 28.1%

Ebouri

SE Etame

Etame

South Tchibala & Avouma

North Tchibala

Etame Field Expansion Project

12

New Etame Platform

$175 million gross investment in the new platform

($49 million net)

4 pile, 8 slot platform in water depth of 85 meters

Initial 3 well development $25 million gross per well

($7 million net per well)

Develop 10 MMBOE incremental gross reserves

Installation in 2H 2014

Spud initial well late 2014

Existing Wells

Initial Planned Wells

SE Etame & North Tchibala Fields Project

13

New SEENT Platform

$150 million gross investment in the new platform ($42 million net)

4 pile, 8 slot platform in water depth of 85 meters

Initial 3 well development $25 million gross per well ($7 million net per well)

Develop 7 MMBO gross reserves

Gross in place resource potential of over 100 MMBO

Installation in 2H 2014

Spud initial well 1H 2015

Initial Planned Wells

14

Onshore Gabon- Mutamba Iroru Permit

VAALCO operated with 41% working interest

N’Gongui discovery well drilled in Q4 2012

Encountered 49 feet of oil pay in the Gamba Formation

Negotiations currently in progress on establishing the production area and renewal of exploration acreage

Plan of Development underway for submittal to Gabon Government

Shell Rabi Kounga Field Cum: 840 MMBO EUR 900 MMBO

TOTAL Atora Field

Cum: 38 MMBO

VAALCO N’Gongui Discovery

Shell Bende Field

Shell Gamba-Ivinga Field

Cum: 286 MMBO & 568 BCF EUR 350 MMBO

Discoveries

Rabi Kounga Pipeline

Exploration Projects

15

Loengo

A A’

Block 5 Block 20 Block 21

Ombundi Baleia -1A

Mobil Discovery

Lontra-1

Cobalt Discovery

Cobalt Discovery

Mavinga-1

Cobalt Prospect

Cameia -1

Cobalt Discovery

Cameia-2

Cobalt Discovery

Possible Oil Zone

Confirmed Oil Zone

Basement

Salt

Basement

Salt

~15 miles ~65 miles

VAALCO Prospect

VAALCO Lead

Offshore Angola - Block 5

16

Confirmed Gas Zone

Large Pre-salt Structures in the Kwanza Basin

VAALCO operated with 40% WI (Sonangol P&P 40% WI)

Bicuar -1A

Maersk AZUL-1

Cobalt Mavinga-1

Cobalt CAMEIA-1 & CAMEIA-2

Cobalt Lontra-1

VAALCO Loengo Prospect

VAALCO Ombundi Lead

Mobil Baleia-1A

VAALCO Block 5

Prospects

Oil Discoveries

Cobalt Bicuar-1A

KWANZA BASIN

Gas Discoveries

17

Block 5 - Prospects and Leads

PreSalt Lead or Prospect

Post Salt Prospect

Block 5

Atlantic Ocean

Mubafo Discovery NE NE

NE NE SW

SW SW

SW

Post Salt Discovery

Kindele Prospect (Post Salt) WD=101m Gross Potential=20-49 MMbls

Jack Prospect (Post Salt) WD=75m Gross Potential=22-55 MMbls

Loengo Prospect (Pre&Post Salt) WD=108m Gross Potential=70-250 MMbls

Ombundi Lead (Pre Salt) WD=500m+ Gross Potential=100-760 MMbls Block 5

1Q 2014 VAALCO / Sonangol P&P Reprocessing Deep-Water 3-D

Seismic

18

Offshore Equatorial Guinea - Block P

Acquired 31% W.I. in 57,000 gross acres (PDA area) in November, 2012

2005 discovery – Venus

Working with GEPetrol (operator) to develop a joint operatorship model

Two exploration wells expected to be drilled in the near future

Marathon 1,100 mmboe

Exxon 1,300 mmboe

Hess 600 mmboe

VAALCO BLOCK P

PDA

Equatorial Guinea

Oil Blocks

VAALCO Block

19

Block P - Prospects and Leads

19

Atlantic

Atlantic Ocean

VAALCO

PDA

Boundary

57,000 acres

232 km2

Block P PDA

Discoveries

Prospects

SW Grande 10-180 MMBO

Europa Discovery

Venus Field 17 - 21 MMBO

Marte 16-70 MMBO

A’

A

SW Grande Marte

Exploration Play Types

Attributes of Exploration Opportunities

20

Attributes

Angola Block 5

EG Block P

Etame Marin

Blocks have existing hydrocarbon (oil) discoveries

Prospects are liquids prone

Shallower water (75m – 500m)

Normally pressured regime

Shallower targeted structures

Lower commerciality threshold

State of the art 3D processing and imaging

Development schemes replicates experience

Total unrisked mean net recoverable resource potential ~ 700 MMBOE

2014 Capital Budget

21

Gross $millions

VAALCO

$millions

Development

Etame

Facilities $ 187 $ 54

Drilling 47 13

Exploration

Angola

3-D Seismic 7 3

Loengo 54 27

EG

S.W. Grande 40 12

Gabon

Dimba 21 8

Total $ 356 $ 117

2014 Components (Net)

Construction of platforms $ 54

Development wells 13

Exploration wells 47

Seismic 3

Total $ 117

46%

11%

40%

3%

2014 CAPEX

Construction of platforms

Development wells

Exploration

Seismic

Sequence of Milestones

22

Drill Dimba

Set Etame / SEENT Platforms

Ebouri Crude Sweetening Project

Pre-feed

Development

Drill Development Wells

3 Etame Wells

3 SEENT Wells

3 Ebouri Wells

Process Angola Seismic

Drill Block P (2 wells)

1st Well

2nd Well

Drill Angola (2 wells)

1st Well

2nd Well

Mutamba Development

Mutamba First Oil

23

Strong Financial Position

12/31/2013 Financial Position ($ millions)

Cash Balance $144

Working Capital 122

Net PP&E 139

Retained Earnings $ 224

2013 Financial Performance ($ millions)

Revenues $ 169

Operating Income 77

Net Income 43

EBITDAX $ 118

Shares Outstanding (millions)

12/31/2013 56.9

12/31/2012 57.9

Funds Available for Growth ($ millions)

Working Capital $ 122

Revolving Credit Facility 65

Total $ 187

EPS

2013 $ .75

2012 $ .01

65%

35% Working Capital

Revolving Credit Facility

24

Strong Cash Flow with Focus on Growth

Strong high margin base business Stable production profile 100% operated 98% oil – leveraged to Brent

Near term – low risk growth Near field development opportunities Projects on time, on budget Attractive project economics

Long term growth strategy In 3 out of top 4 West Africa producing countries Exposure in excess of 700 MMBOE unrisked net

recoverable resource potential Balance exploration growth with discovered resource

acquisitions

25

APPENDIX

Pro-forma Consolidated Balance Sheets

26

12/31/2013 12/31/2012

Assets Cash & cash equivalents $ 130,800 $

Restricted cash 13,196 12,131

Accounts receivables 22,230 13,113

Other current assets 2,339 3,955

PP&E, net 138,524 106,608

Other non-current assets 1,349 1,349

Total assets 308,167 $ 267,956 $

Liabilities & Owners' Equity

Current liabilities 45,829 $ 45,063 $

Asset Retirement Obligation & Other 11,464 10,368

Shareholders' equity 250,874 212,525

Total liabilities & owners equity (Amounts in thousands)

308,167 $ 267,956 $

130,529

Pro-forma Income Statements

27

12 months

ended

12/31/2013

12 months

ended

12/31/2012

Revenues $ 195,287 $

Operating costs and expenses (92,052) (108,694)

Operating Income 77,225 $ 86,593 $

Other expense, net (38) 559

Income tax expense (34,115) (81,813)

Net Income 43,072 $ 5,339 $

Less net income - noncontrolling interest - (4,708)

Net income - VAALCO Energy, Inc. (Amounts in thousands)

43,072 $ 631 $

169,277