VAALCO Energy, Inc. Announces Stock Repurchase Program
June 20 2019 - 4:45PM
VAALCO Energy, Inc. (NYSE: EGY) today announced that its Board of
Directors has authorized a stock repurchase program under which the
Company can repurchase up to $10 million of the currently
outstanding shares of the Company’s common stock, over a period of
12 months through open market purchases, privately-negotiated
transactions, or otherwise in compliance with Rule 10b-18 under the
Securities Exchange Act of 1934.
The Board also authorized the Company to
establish “Rule 10b5-1 trading plans.” Rule 10b5-1 trading
plans allow companies to repurchase shares at times when they might
otherwise be prevented from doing so by securities laws or because
of self-imposed trading blackout periods. Under any Rule
10b5-1 trading plan, the Company’s third-party broker, subject to
Securities and Exchange Commission regulations regarding certain
price, market, volume and timing constraints, would have authority
to purchase the Company’s common stock in accordance with the terms
of the plan.
Cary Bounds, Chief Executive Officer, commented,
“We are pleased to announce a share repurchase program that allows
us to return value to our shareholders. This action
underscores our confidence in the strength of our balance sheet,
quality of our assets and our ongoing ability to generate free cash
flow. At recent market price levels, we believe the
repurchase program is an excellent opportunity to buy our common
shares at a significant discount to their intrinsic value and are
an attractive investment. We can execute this buyback program
and also continue forward with our planned 2019-2020 drilling
program at Etame due to our strong cash flow from operations and
overall financial position.”
The actual timing, number and value of shares
repurchased under the stock repurchase program will depend on a
number of factors, including constraints specified in any Rule
10b5-1 trading plans, price, general business and market
conditions, and alternative investment opportunities. The share
buyback program does not obligate the Company to acquire any
specific number of shares in any period, and may be expanded,
extended, modified or discontinued at any time. Payment for shares
repurchased under the program will be funded using the Company's
cash on hand.
NEW INVESTOR PRESENTATION
VAALCO also commented that an updated investor
presentation will be posted to its web site, www.vaalco.com, in the
Investor Relations section under Webcasts/Presentations on Friday
morning, June 21, 2019.
FORWARD LOOKING STATEMENT
This report contains forward-looking
information, as that term is defined under the Exchange Act,
including information regarding purchases by the Company of its
common stock pursuant to any Rule 10b5-1 trading plans. By their
nature, forward-looking information and statements are subject to
risks, uncertainties, and contingencies, including changes in price
and volume and the volatility of the Company’s common stock;
adverse developments affecting either or both of prices and trading
of exchange-traded securities, including securities listed on the
New York Stock Exchange; and unexpected or otherwise unplanned or
alternative requirements with respect to the capital investments of
the Company. The Company does not undertake to update any forward
looking statements or information, including those contained in
this report.
About VAALCO
VAALCO Energy, Inc. is a Houston-based
independent energy company principally engaged in the acquisition,
development and production of crude oil. The Company's properties
and acreage are located primarily in Gabon and Equatorial Guinea in
West Africa.
Investor Contact Al Petrie
713-543-3422
Vaalco Energy (NYSE:EGY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Vaalco Energy (NYSE:EGY)
Historical Stock Chart
From Apr 2023 to Apr 2024