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VAALCO ENERGY, INC.

IPAA Oil & Gas Investment Symposium

April 15 - 17, 2013

New York

Robert Gerry III

Chief Executive Officer

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Corporate Information

Safe Harbor Statement

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 other than statements of historical facts included in this presentation, including without limitation, business strategies, plans and objectives of management of VAALCO for future operations, and capital expenditures, are forward-looking statements. There can be no assurances that such forward-looking statements will prove to be correct. Important factors that could cause actual results to differ materially from the forward-looking statements and projections include inflation, availability of goods, services and capital, environmental risks, drilling risks, volatility of commodity prices, operational risks, foreign governmental risks and regulatory changes.

The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only 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 at oil and gas prices in effect at the time of the estimate, without future escalation. We include in this presentation estimates of gross reserve potential that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our Form 10-K, available from the SEC at www.sec.gov.

Inquiries:

VAALCO Energy, Inc.

Attn: Gregory R. Hullinger

4600 Post Oak Place, Suite 300

Houston, TX 77027

Ph: 713-623-0801

www.vaalco.com

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Company Profile

* As of 04/10/2013

Resources and Market Data Reserve Data as of 12/31 2012 2011

Ticker (NYSE) EGY Proved & Probable Reserves (MBOE) 11,427 9,242

Employees - worldwide 100 Proved Reserves (MBOE) 7,745 6,368

*Market Capitalization ($MM) $423 Proved Developed Reserves (MBOE) 4,008 3,996

Management Ownership 6% Proved Developed (%) 52% 63%

*52 Week Price Range $6.81-$9.65 Percent Oil 98% 97% *Average Daily Volume (last 90 days)

414,400

Key Financial Data ($MM) 2012 2011 2010 Production Data

Revenue Operating Cash Flow

$195 $94.0

$210 $89.6

$134 $45.5

Daily Production (BOEPD):

Net Income $0.63 $34 $37 Gross / VAALCO Net (after royalty) 17,000 / 4,150

Capex (excl. expl. dry holes) $46 $33 $40 Operated Production Percentage 100%

Cash (incl. restricted) $143 $149 $97

Debt - - - Acreage

Shares (Diluted - millions) 59 58 57

EPS (Diluted – per share) $0.01

$0.59

$0.65 International (gross/net ) in millions

2.5 / 0.9

West Africa Focus

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GABON

Port Gentil

Libreville

N’zeto

Luanda

Porto Amboim

ANGOLA

Block 5 1,400,000 gross acres

560,000 net acres Offshore Exploration

Mutamba Iroru Permit 270,000 gross acres 111,000 net acres

Onshore Exploration

Etame Marin Permit 760,000 gross acres 213,000 net acres

Offshore Production and Exploration

EQUATORIAL GUINEA

Block P 57,000 gross acres 18,000 net acres

Offshore Exploration

Offshore Gabon: Etame Marin Permit

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VAALCO is the Operator with a 28.1% net W.I, in partnership with the Sinopec group (Addax), Sasol, Tullow, Sojitz and PetroEnergy

Production from four fields, all connected to an FPSO facility

Eight wells currently producing

Oil production currently averaging approximately 17,000 BOPD gross (4,150 BOPD net to VAALCO after royalty)

Cumulative production as of 12/31/2012 was approximately 72.4 million barrels

Multi-well drilling and workover program commenced in late 2012

Construction of two new platforms underway

Future exploration opportunities

Ebouri Etame

North Tchibala

Avouma & South Tchibala

ETAME MARIN PERMIT

GABON

Port Gentil

Libreville

Offshore Gabon: Currently Producing Fields

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Ebouri Field

Etame Field

South Tchibala Field

Avouma Field

Offshore Gabon: Etame Field

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Expo

rt Pip

eline

Etame Field

New Etame Platform (Under construction)

Initial discovery made in 1998

Field declared commercial in 2001; largest of the four fields

First oil production September 2002

Production is from four wells with subsea completions

Current production is approximately 8,250 BOPD gross (2,000 BOPD net to VAALCO after royalty)

Cumulative production as of 12/31/2012 was approximately 48.3 million barrels

New multi-well platform construction underway

Offshore Gabon: New Platform Construction

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New Etame Platform (Under construction)

Expo

rt Pip

eline

Etame Field

New Etame Platform

Investment will result in more efficient drainage of reservoir and increase proved reserves

Expected platform cost is $140 million ($40 million net to VAALCO)

Up to 5 new development wells planned, at $25 million per well ($7 million net to VAALCO)

Rate of Return expected to be in excess of 60%

Installation expected in 2H 2014

Offshore Gabon: New Platform Construction

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New Platform (Under

construction)

SE Etame Field (Gamba)

North Tchibala Field

(Dentale)

Expo

rt Pip

eline

New SE Etame/N. Tchibala Platform

Objective to commercialize SE Etame Gamba discovery and exploit N. Tchibala Dentale reservoirs

Expected platform cost is $130 million ($37 million net to VAALCO)

Initially 3 new development wells planned, at $25 million per well ($7 million net to VAALCO)

Construction underway and installation expected in 2H 2014

Offshore Gabon: Avouma & South Tchibala Fields

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Avouma Platform

Avouma and South Tchibala Fields

Discovery well completed August 2004

Production commenced in January 2007

EAVOM-3H well came online April 2014 with initial natural flow rate of 3,000 BOPD

Current production from fields is approximately 5,500 BOPD gross (1,350 BOPD net to VAALCO after royalty), expected to increase following the EAVOM-2H workover

Cumulative production as of 12/31/2012 was approximately 15.6 million barrels

Water knock-out facilities recently installed-expect to be operational in 1H 2013

Offshore Gabon: Ebouri Field

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Ebouri Platform

Ebouri Field

Discovery well completed January 2004

Platform installed August 2008

First production began in January 2009; one well currently producing from the platform

H2S discovered in July 2012 in two wells now offline; Sweetening options being developed

Current production is approximately 3,250 BOPD gross (800 BOPD net to VAALCO after royalty)

Cumulative production as of 12/31/2012 was approximately 8.5 million barrels

One exploratory appraisal well scheduled in 1H 2013

Floating Production, Storage and Offloading Facility

Operations began 2002

Long-term contract with Tinworth through 2020

1.1 million barrel storage capacity

Can accept up to 30,000 barrels of total fluids per day

25,000 BOPD oil processing limit

141 liftings through March 2013 totaling approximately 72 million barrels

Zero environmental incidents since inception of operations

Crude is sold in 2013 to Mercuria Trading NV based on Brent pricing structure

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FPSO “Petroleo Nautipa”

ETAME MARIN PERMIT

Offshore Gabon: Future Exploration Potential

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Elili Prospect • 110m water depth • Well depth: 3,500m

GABON

Dussafu Discovery (Harvest)

223 sq km 3D survey completed 4Q 2011

Southwest Etame • 78m water depth • Well depth: 2,000m

Kala Discovery • 107m water depth • Well depth: 3,500m

Southwest Avouma • 86m water depth • Well depth: 2,250m

Edge Lead • 60m water depth • Well depth: 3,600m

Mu Prospect • 60m water depth • Well depth: 2,700m

Northeast Avouma • 85m water depth • Well depth: 2,200m • Awaiting partner approval

N Lead • 50m water depth • Seismic processing & interpretation underway

Gamba-Ivinga Field

68 wells

Cum: 286 MMBO & 568 BCF

EUR 350 MMBO (From IHS)

Onshore Gabon: Mutamba Iroru Permit

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N’Gongui Discovery well drilled in Q4 2012

Encountered 49 feet of oil pay in the Gamba Formation

50% Partner TOTAL operates the Atora Field 6 miles to the North

Plan of Development underway for submittal to Gabon Government

Bende Field

3 wells

Atora Field

11 wells

Cum: 38 MMBO

Rabi Kounga Field

240 wells

Cum: 840 MMBO

EUR 900 MMBO

N’Gongui Discovery

VAALCO-operated Block 5

LOENGO Subsalt Prospect

330’ Water Depth

Cobalt-operated Block 21

CAMEIA-1 Subsalt Discovery

5518’ Water Depth

1180’ of oil pay

Tested to flow 5100 BOPD

(facilities constrained)

Maersk-operated Block 23

AZUL-1 Subsalt Discovery

3028’ Water Depth

Estimate 3000 BOPD potential

Limits of Kwanza Basin

Offshore Angola: Kwanza Basin – Republic of Angola

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Offshore Angola: Block 5 Exploration

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1.4 million acre license with water depths from 0-500m in northern part of Kwanza Basin

VAALCO is Operator with 40% working interest, Sonangol P&P 20% carried interest. Sonangol sent positive recommendation for new 40% partner to the Ministry of Mines for approval – decision expected soon

Potential on-block reserves of 1 BBO+ over multiple pre-salt and post-salt prospects and leads

Block has history of 12 wells drilled by prior operator - 6 recorded oil or oil shows - 3 were drill stem-tested to produce 29°

to 34° API oil at rates of between 700 and 1,100 BOPD

1700 sq km of licensed and proprietary 3D

Offshore Angola: Block 5 Primary Prospects

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Jack Prospect • 40% WI • 80m water depth • Well depth: 2200m • $30 million gross cost • 40 MMBO gross unrisked potential

Loengo Prospect • 40% WI • 110m water depth • Well depth: 3800m • $35 million gross cost • 100+ MMBO gross unrisked potential

Kindele/Mubafo Prospect • 40% WI • 100m water depth • Well depth: 2000m • $31 million gross cost • 50 MMBO gross unrisked potential

Offshore Equatorial Guinea:

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Acquired 31% working interest in 57,000 gross acres (PDA area)

Block has 2005 discovery – Venus is believed to be commercial as a standalone development project

Exploration upside

Two exploration wells expected to be drilled in 2013/2014 timeframe

GEPetrol is operator of the block

EQUATORIAL GUINEA

Plock P PDA Area

57,000 acres

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Offshore Equatorial Guinea: Block P

Marathon 1,100 mmboe

Libreville

Gabon

EG

EG

Cameroon

Block P PDA

Hess 600 mmboe

Exxon 1,300 mmboe

PDA Boundary 57,000 acres

232 km2

Venus Field (17 - 21 mmbo)

Europa Discovery

Marte: AlbianTurbidites

SW Grande: Tertiary Channels

Onshore USA

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East Poplar Field

• Three exploration wells drilled in 2012

• Two wells, a vertical test well and a Bakken/Three forks horizontal well, were unsuccessful efforts

• Third well scheduled for completion testing in the first half of 2013 in the Nisku formation

Salt Lake / Flat Lake Field

• Two exploration wells drilled in 2012 and both were non-commercial efforts

Evaluating options for exiting onshore USA

MONTANA NORTH DAKOTA

East Poplar Dome

Salt Lake

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2013 Capital Budget

Gross $Millions

Net $Million

Gabon – Offshore

Development

• Avouma 3H $ 28.5 $ 8.0

• Construction of 2 new platforms (Etame & SEENT)

144.7 40.6

• Other 12.7 3.6

Exploration

• Ebouri appraisal well 26.6 7.5

• Prospect Mu 14.0 4.2

Angola / Equatorial Guinea

• One Exploration Well Prospect 76.0 33.4

Total $ 302.5 $ 97.3

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Pro-forma Consolidated Balance Sheets

12/31/2012 12/31/2011

Assets Cash & cash equivalents 130,800 $ 137,139 $

Restricted cash 12,131 12,209

Accounts receivables 13,113 21,300

Other current assets 3,955 3,170

PP&E, net 106,608 99,848

Other non-current assets 1,349 1,349

Total assets 267,956 $ 275,015 $

Liabilities & Owners' Equity

Current liabilities 45,063 $ 25,090 $

Asset Retirement Obligation & Other 10,368 16,858

Shareholders' equity 212,525 233,067

Total liabilities & owners equity (Amounts in thousands)

267,956 $ 275,015 $

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Pro-forma Income Statements

12 months

ended

12/31/2012

12 months

ended

12/31/2011

Revenues 195,287 $ 210,436 $

Operating costs and expenses (108,694) (77,875)

Operating Income 86,593 $ 132,561 $

Other expense, net 559 1,469

Income tax expense (81,813) (93,468)

Net Income 5,339 $ 40,562 $

Less net income - noncontrolling interest (4,708) (6,417)

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

631 $ 34,145 $

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VAALCO - Summary

Stable production profile

• 100% operated

• Multiple development opportunities

Attractive reserve base

• 98% oil

• At 12/31/12, proved reserves increased by 22% as compared to 2011

Strong balance sheet

• No debt

• 2013 budget expected to be funded with cash flow

Large acreage inventory in focus area

• Field development/expansion opportunities

• High potential prospects

Growth Strategy

• Focus on the existing West Africa asset base and acreage positions to fully exploit the potential and expand West Africa footprint

• Continue to pursue selective corporate and/or producing property

acquisitions with exploration upside