Capital One Securities, Inc. 8th Annual Energy Conference

New Orleans, LA

December 13, 2013

Steve Guidry, CEO NYSE:EGY

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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

Transformational

Transaction

Strong Etame Marin

Cash Flow

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VAALCO: Poised for Growth

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

1985 Founded in Houston by Virgil A WALSTON and Charles ALCORN

1986

Acquired operating interests in four fields offshore Palawan,

Philippines (as Alcorn International)

1992

Brought on stream West Linapacan Field – first “deep water” production (1140 ft) in ASEAN

1995 Signed Etame Marin Permit PSA, Offshore

1998 Etame Field discovery (Etame Marin Permit)

2002 First oil from Etame Field

2004 Ebouri, Avouma discoveries (Etame Marin Permit)

2005 Signed PSA in Mutamba Iroru, Onshore Gabon

2006 Signed PSA in Block 5 Offshore Angola. Listed on the NYSE.

2007-09 Avouma and Ebouri Platforms installed and production commenced

2011 Southeast Etame Field discovery (Etame Marin Permit)

2012

N’Gongui Field discovery (Mutamba Iroru Permit). Signed PSA in Block P Offshore Equatorial Guinea.

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VAALCO Company Milestones

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VAALCO – 2013 Highlights

Progressed Etame Expansion and Southeast Etame/N. Tchibala project construction

Installation planned for Q3-2014

Resolved ownership in Angola Block 5/06 Sonangol P&P assigned 40% WI

Developed shared operatorship model with GEPetrol for Equatorial Guinea Block P

Dimba exploration well set to spud

Stock repurchase of $10.7 MM

Board approved $117 MM – 2014 capital budget Largest ever capital budget

Leadership transition completed

West Africa Focus

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Block 5 Working Interest 40.0%

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

Offshore Exploration

Mutamba Iroru Permit Working Interest 41%

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

VAALCO’s Profile

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Key Metrics

Market Capitalization(1) $360 MM

Cash Balance (Unrestricted)(2) $100 MM

Debt(2) $ – MM

Production (Net)(1) 4,400 BOPD

Reserves (2P)(3) 11.2 MMBOE

% Oil(3) 98%

% Operated(3) 100%

Employees(1) 100

(1) As of 12/10/2013 (2) As of 9/30/2013 (3) As of 12/31/2012

Efficient Reserve Replacement, Etame Marin Permit

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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

1P

Re

se

rve

s (

MM

BO

)

Gross EUR 1P Reserves

Cost Metrics (2002-2013)

Development Costs $14 /BBL

Exploration Costs $ 3 /BBL

DD&A $ 9 /BBL

VAALCO’s Reserves, Etame Marin Permit

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48%

25%

27%

3P Reserves (MMBO) Proved Probable Possible

Reserves Breakdown (As of 12/31/2012) (1)

Proved 7.45 MMBO

Probable 3.76 MMBO

Possible 4.21 MMBO

TOTAL RESERVES 15.42 MMBO

(1) Based on the NSAI Independent Reserve Report

Oily and Leveraged to Brent

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$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

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

Oil production - 18,000 BOPD gross 4,400 BOPD net

Cumulative production through Q3 2013 - 77.5 million barrels

Construction of two new platforms underway

Pursuing Etame Permit exploration opportunities and extension

Offshore Gabon – Etame Marin Permit

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GABON Port Gentil

Libreville

Etame Marin Permit Working Interest 28.1%

Ebouri

SE Etame

Etame

Avouma

North Tchibala

Etame Expansion Project

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New Etame Platform

$175 MM gross investment in the new platform

($49 MM net)

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

Initial 3 well development $25 MM gross per well

($7 MM net per well)

Develop 10 MMBOE incremental gross reserves

Installation in 2H 2014

South East Etame / North Tchibala (SEENT Project)

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New SEENT Platform

$150 MM gross investment in the new platform

($42 MM net)

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

Initial 3 well development $25 MM gross per well

($7 million net per well)

Develop 7 MMBO reserves gross reserves

Installation in 2H 2014

SEENT Jacket

Etame Jacket Etame Deck

Construction of Etame and SEENT platforms on schedule for 2H 2014 installation

Total investment of Etame and SEENT projects $544 MM gross ($152 million net)

Facilities - $325 MM Wells - $219 MM

Project Delivery

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15

Expected spud December 2013 3,000m well depth

Gamba primary target Dry Hole Cost - $19 MM gross ($8.5 MM net)

Lucina secondary target Gamba 5-35 mmbo ~ gross recoverable

53m water depth Lucina 4-81 mmbo ~ gross recoverable

Offshore Gabon: Dimba Prospect

10 km

A’ A

N

A

A’

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Onshore Gabon: Mutamba Iroru Permit

N’Gongui discovery well drilled in Q4 2012

Encountered 49 feet of oil pay in the Gamba Formation

41% partner TOTAL operates the Atora Field 6 miles to the North

Plan of Development underway for submittal to Gabon Government

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

Rabi Kounga Field Cum: 840 MMBO EUR 900 MMBO

Atora Field Cum: 38 MMBO

N’Gongui Discovery

Bende Field

Gamba-Ivinga Field Cum: 286 MMBO & 568 BCF

EUR 350 MMBO

VAALCO Prospect

VAALCO Lead

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 Prospect

Possible Oil Zone

Confirmed Oil Zone

Basement

Salt

Basement

Salt

~15 miles ~65 miles

Offshore Angola: Large Pre-salt Structures in the Kwanza Basin

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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

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Offshore Angola: 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 WD=101m Potential=20-28-49 MMbls

Jack Prospect WD=75m Potential=22-33-55 MMbls

Loengo Prospect WD=108m Potential=70-104-250 MMbls

Ombundi Lead WD=500m+ Potential=100-400-760 MMbls

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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

BLOCK P PDA

Equatorial Guinea

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Offshore Equatorial Guinea: Block P

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Atlantic

Atlantic Ocean

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

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VAALCO – Summary

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 Need to balance exploration growth with acquisitions