VAALCO reported net income attributable to VAALCO of $2.2 million, or $0.04 per diluted share, compared to net loss attributable to VAALCO of $7.5 million, or ($0.13) per diluted share, for the comparable period in 2008. VAALCO trades on the “New York Stock Exchange” under the stock symbol “EGY”. For the Latest information regarding “EGY”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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VAALCO Energy, Inc. (NYSE:EGY) today reported results for the fourth quarter and full-year of 2009.
For the 2009 fourth quarter, VAALCO reported net income attributable to VAALCO of $2.2 million, or $0.04 per diluted share, compared to net loss attributable to VAALCO of $7.5 million, or ($0.13) per diluted share, for the comparable period in 2008. Fourth quarter 2009 revenues were $32.6 million compared to $16.5 million in the fourth quarter of 2008. Fourth quarter 2009 results reflect increased sales volumes and significantly higher crude prices when compared to the fourth quarter of 2008.
For the year ended December 31, 2009, VAALCO reported a net loss attributable to VAALCO of $7.9 million, or ($0.14) per diluted share, compared to a net income attributable to VAALCO of $29.7 million, or $0.50 per diluted share, for the year ended December 31, 2008. 2009 income was negatively impacted by previously reported dry hole exploration costs of $33.4 million and a 36% decline in the average crude oil sales price.
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