HOUSTON, June 6, 2014 /PRNewswire/ -- VAALCO Energy, Inc.
(NYSE: EGY) today announced that the Board of Directors has
appointed Steven P. Guidry, VAALCO's
Chief Executive Officer, to the additional role of Chairman of the
Board. VAALCO also announced that the Board has determined
that James B. Jennings will continue
in his current role as Lead Director.
In addition, the Board and management team of VAALCO today
recognized Robert L. Gerry III for
his 17 years of distinguished service to the Company. Mr. Gerry
served as Chairman of the Board of Directors and Chief Executive
Officer for VAALCO Energy, Inc. from August
1997 through October 20, 2013,
a total of 16 years. As of October 21,
2013, Mr. Gerry has served as Executive Chairman.
Beginning June 5, 2014, Mr. Gerry
will provide consulting services to the Company through the end of
2015.
"On behalf of the Board and management team, and everyone at
VAALCO, I would like to extend a heartfelt thank you to Bobby for
his tremendous contributions to our company," said Steve Guidry, VAALCO's Chairman and Chief
Executive Officer. "Bobby has been instrumental in leading VAALCO's
growth and development and he will truly be missed. All of us at
VAALCO wish him all the best in his future endeavors. I am
proud to take on the role of Chairman and I am excited about
VAALCO's many opportunities to continue to create shareholder
value."
Robert Gerry stated, "Today
VAALCO is poised to enter into a new growth phase under the
leadership of Steve Guidry. I
believe the last few years have merely set the stage for Steve to
bring his many talents to bear to realize the full potential of
VAALCO. I have thoroughly enjoyed working alongside all of
the talented people at VAALCO and I want to thank not only them,
but also the Board of Directors for their commitment and support.
I know that I am leaving the Company in good hands with
Steve, and I am confident that under his leadership, VAALCO will
continue on its path of growth and success."
When Mr. Gerry joined as VAALCO's CEO in August 1997, the Company had a total of six
employees and two consultants based in Houston and production of only 800 barrels of
oil per day. Today, VAALCO has over 100 employees worldwide
and has produced over 80 million barrels of oil.
Mr. Gerry presided over exploration and development of VAALCO's
key producing asset, the Etame Marin concession, offshore
Gabon. Under his leadership, VAALCO expanded its portfolio of
interests in West Africa to
include the Mutumba Iroru Block onshore Gabon, Block 5 offshore Angola, and Block P in Equatorial
Guinea. Mr. Gerry has managed the Company through many
financial and operating matters, always with a focus on creating
shareholder value.
Mr. Gerry currently serves on the Board of Directors of
Integrity Bank, an independent bank located in Houston, Texas and on the Board of Texas
Children's Hospital. Mr. Gerry is a member of the
University of Texas Press Advisory
Council. Mr. Gerry also served on the Board of Directors of
Plains Exploration and Production Company from 2004 through
December 31, 2010. From
February 1994 until August 1997, Mr. Gerry served as Vice-Chairman of
Nuevo Energy Company. Prior to being appointed Vice-Chairman of
Nuevo, Mr. Gerry had served as President and Chief Operating
Officer of Nuevo since its formation in March 1990. Mr. Gerry
served as Senior Vice President of Energy Assets International
Corporation from January 1989 until
March 1990.
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, Angola
and Equatorial Guinea in
West Africa.
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SOURCE VAALCO Energy, Inc.