NYSE:EGY

Capital One Securities, Inc.

9th Annual Energy Conference

December 11, 2014

2

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 Term

Developments

Current West Africa

Exploration Program

Discovered

Undeveloped

Resource Acquisition

Strong Cash Flow

3

Poised for Growth

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

West Africa Focus

4

Block 5 Working Interest 40.0%

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

Offshore Exploration

Etame Marin Permit Working Interest 28.1%

760,000 gross acres 213,000 net acres

Offshore Production and Exploration

Mutamba Iroru Permit Working Interest 41.0%

270,000 gross acres 111,000 net acres

Onshore Exploration & Development

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

Company Profile

5

Key Metrics

Share Price(1) $4.62

52-Week Range(1) $4.49 - $9.67

Market Capitalization(1) $267 million

Cash Balance(2) $ 133 million

Revolving Debt Facility(2)

- Current Borrowings(2)

$ 65 $ 15

million million

Net Production(1) 3,500 BOPD

2013 EBITDAX $ 118 million

Reserves (2P)(3) 11 MMBOE

% Oil (Brent Based Pricing) 98%

% Operated 100%

Employees(1)

Corporate International

107 44 63

(1) As of 12/10/2014 (2) As of 9/30/2014 (3) As of 12/31/2013

Efficient Reserve Development - Etame Marin Permit

6

Cost Metrics (2002-2013)

Development Costs $14 /BBL

Exploration Costs $ 3 /BBL

DD&A $ 9 /BBL

0

5,000

10,000

15,000

20,000

25,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Gross Production (BOPD) Etame Original Forecast Etame Base Actual Etame Additional Actual Avouma Ebouri

Exploitation and development

Repeatable performance

New development – Q4 2014

Growth in EUR

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 2013

1P

Re

serv

es

(MM

BO

)

EUR 1P ReservesGross EUR 1P Reserves

7

Development Projects

SEENT Deck Installation “Completed in 3Q 2014”

Etame Deck Installed “Completed in 3Q 2014”

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

Oil production averaged - 16,250 gross (4,015 net) BOPD for 9 months 2014

Cumulative production through 9/30/2014 – 83.6 million barrels

Installation of two new platforms completed 3Q 2014

Proposed the 7th extension to the Etame Marin Exploration Permit

Offshore Gabon – Etame Marin Permit

8

GABON Port Gentil

Libreville

Etame Marin Permit Working Interest 28.1%

Ebouri

SE Etame

Etame

South Tchibala & Avouma

North Tchibala

FPSO “Petroleo Nautipa” Long-term contract with Tinworth through 2020

Capacity: 30,000 bbls of total fluids per day Capacity: 25,000 bbls of oil per day

Etame Field Expansion Project

9

New Etame Platform

$175 million gross ($49 million net) investment in the new platform

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

Initial 3 well development $25 million gross ($7 million net) per well

Transocean “Constellation II” jackup rig

Develop 10 MMBOE incremental gross reserves

Expansion Timing

Jacket and deck installation completed

Initial well “Etame 8-H” was tested and shut-in due to hydrogen sulfide (H2S) production

2nd Well “Etame 10-H” expected to spud this week

Average well depth 1,900 meters Existing Wells

Initial Planned Wells

Etame

SE Etame

Development Project No. 1

SE Etame & North Tchibala Fields Project

10

New SEENT Platform

$150 million gross ($42 million net) investment in the new platform

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

Initial 3 well development $25 million gross ($7 million net) per well

Develop 7 MMBO gross reserves

Gross in place resource potential of over 100 MMBO

Expansion Timing

Jacket and deck installation completed

Commissioning underway

Spud initial well 2Q 2015

Gamba well depth ~1,900 meters

Dentale well depth ~2,750 meters Initial Planned Wells

SE Etame

North Tchibala

Development Project No. 2

Stratigraphic Column

Existing Wells

Initial Planned Wells

Ebouri Redevelopment Project

New Crude Sweetening Platform

$200 - $250 million gross ($56 - $70 million net) investment in the new platform to remove H2S

1 new Ebouri development well at $27 million gross ($7.5 million net)

Reentry of existing Ebouri wells bores at $11 million gross ($3 million net) per well

Develop 9 MMBOE incremental gross reserves at Ebouri

Crude Sweetening Platform

11

Ebouri

Etame

SE Etame

Expansion Timing

Front End Engineering + Design 2H 2014

Final Investment Decision 1H 2015

Installation expected early 2017

Development Project No. 3

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Onshore Gabon- Mutamba Iroru Permit

VAALCO operated with 41% working interest

N’Gongui discovery well drilled in Q4 2012

Encountered 49 feet of oil pay in the Gamba Formation

Revised production sharing contract term sheet was signed in 3Q 2014

Final PSC negotiations underway

Plan of Development underway for submittal to Gabon Government

Potential first oil production - 2017

Shell Rabi Kounga Field Cum: 840 MMBO EUR 900 MMBO

TOTAL Atora Field

Cum: 38 MMBO

VAALCO N’Gongui Discovery

Shell Bende Field

Shell Gamba-Ivinga Field

Cum: 286 MMBO & 568 BCF EUR 350 MMBO Discoveries

Rabi Kounga Pipeline

VAALCO Permit

Development Project No. 4

13

Offshore Equatorial Guinea - Block P

VAALCO joint operatorship model with 31% working interest

VAALCO has proposed the development of the Venus discovery occurring prior to the drilling of exploration wells

Subsea development

Leased FPSO

2 production wells

1 water injection well

17-21 million BOE gross EUR

Project sanction 2015

Potential first oil production - 2018

Marathon 1,100 mmboe

Exxon 1,300 mmboe

Hess 600 mmboe

VAALCO Block P

PDA

Noble 210 mmboe

Oil Blocks

VAALCO Block

Atlantic

Atlantic Ocean

Block P PDA

A’

A

Venus

Europa

SW Grande

Marte

Development Project No. 5

Anticipated Sequence of Milestones

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Gabon Activity

Set Etame / SEENT Platforms

Central Crude Sweetening Project

FEED

Development

Drill Development Wells at Etame

3 Etame Wells

3 SEENT Wells

Ebouri Wells

Mutamba Development (Onshore Gabon)

EG Activity

Venus Development

Drill Block P Exploration Wells

1st Well

2nd Well

Angola Activity

Process Angola Seismic

Drill Block 5 Exploration Wells

1st Well - Post Salt (Kindele)

2nd Well - Pre Salt

(Sustained low oil price may slow project timing)

15

Exploration Projects

Transocean semi-submersible rig “Celtic Sea”

Transocean jackup rig “Constellation II”

16

Angola Block 5 - Prospects and Leads

Mubafo Discovery NE

NE SW

SW

Kindele Prospect (Post Salt) WD=101m : 20-49 MMbls*

Ombundi Lead (Pre Salt) WD=500m+ : 100-760 MMbls*

Jack Prospect (Post Salt) WD= 75m : 22-55 MMbls*

VAALCO Loengo Prospect (Post Salt and Pre Salt)

WD= 108m : 70-250 MMbls*

Prospects

Oil Discoveries

Gas Discoveries

A

A’

Maersk AZUL-1

Cobalt Mavinga-1

Cobalt CAMEIA-1 & CAMEIA-2

Cobalt Lontra-1

VAALCO Block 5

Mobil Baleia-1A

Prospects

Oil Discoveries

Cobalt Bicuar-1A

KWANZA BASIN

Gas Discoveries

Cobalt Orca-1

NE SW

NE SW

* Gross Unrisked Recoverable Resources

Angola Block 5 – Kindele Post Salt Prospect

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Kindele Prospect

$38 million gross ($19 million net ) - DHC

Expected spud late January 2015

Mucanzo sand target (Pinda group)

Water depth 101 meters

Planned total depth 2,250 meters

Transocean “Celtic Sea” semi-submersible rig

20-49 million gross unrisked recoverable resources

Kindele-1

Mubafo-1 1988 Conoco

Discovery Tested 1100

BOPD

Mubafo Discovery Kindele Prospect Discovery

Prospects

A’

A

A’ A

A

Block 5 Block 20

Possible Oil Zone

Confirmed Oil Zone

Angola Block 5 – Pre Salt Prospects

Confirmed Gas Zone

Large presalt structures in the Kwanza Basin

VAALCO operated with 40% WI (Sonangol P&P 40% WI)

Currently processing 3D seismic in advance of first presalt prospect late 2015/early 2016

Prospects

Oil Discoveries

Gas Discoveries

A

A’

Loengo

A’ Ombundi

VAALCO Prospect

VAALCO Lead

Cobalt Discovery

Orca -1

Mobil Discovery Baleia -1A

Cobalt Discovery

Lontra -1

~15 miles ~65 miles

Cobalt Discovery

Cobalt Discovery

Cobalt Discovery

Mavinga-1 Bicuar -1A Cameia -1

Cameia-2

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

Prospects

Oil Discoveries

Cobalt Bicuar-1A

KWANZA BASIN

Gas Discoveries

Cobalt Orca-1

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Block 21

SW Grande:Tertiary Channels

Albian/Aptian Structures

Marte:Late Cretacous

Turbidites

Upper Cretaceous Sands

A’A

Venus Field

EuropaDiscovery

19

Equatorial Guinea Block P - Prospects and Leads

19

Atlantic

Atlantic Ocean

VAALCO

PDA

Boundary

57,000 acres

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

Proposed exploratory drilling post Venus development (2017+) Water depth 250 – 425m Well depths 1,500 – 2,000m

* Gross Unrisked Recoverable Resources

2014 – Estimated CAPEX Expenditures

20

Gross $millions

VAALCO

$millions

Development

Etame

Facilities $ 211 $ 59

Drilling 69 20

Exploration

Angola

3-D Seismic 7 3

Gabon

Dimba 27 12

Total $ 314 $ 94

2014 Components (Net) $millions

Construction of platforms $ 59

Development wells 20

Exploration wells 12

Seismic 3

Total $ 94

63% 21%

13%

3%

2014 CAPEX

Construction of Platforms

Development Wells

Exploration

Seismic

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Why Invest in VAALCO Now?

Near Term Development Projects Etame expansion project SEENT expansion project Ebouri redevelopment Mutamba Iroru development Venus Field development

Proven International Low Cost Operator 100% operated In 3 out of top 4 West Africa producing countries Projects on time, on budget

Solid Financial Position Increasing production profile in 2015 Unrestricted Cash Position + Borrowing Base Financing development and exploration activities with cash flow

High Impact Exploration Prospects Exposure in excess of 1.9 BBOE net unrisked resources

Identifying Potential Discovered Resource Acquisition Acquisition would balance development / exploration portfolio

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APPENDIX

Biography on Key Executives Mr. Guidry assumed the role of Chief Executive Officer for VAALCO Energy, Inc. on October 21, 2013. At that time, he was also appointed to our Board of Directors and became Chairman of the Board on June 4, 2014. Prior to joining VAALCO, Mr. Guidry was Vice President of Business Development for Marathon Oil Corporation since July 2011, where he was responsible for acquisitions of strategic opportunities for value growth. Mr. Guidry also held numerous executive management positions, including President of Marathon Oil Libya Limited from October 2008 to July 2011. Prior to the Libya assignment, he was Regional Vice President for Marathon Oil’s North American Production Operations. Mr. Guidry oversaw all of the company’s exploration and production activities onshore and offshore U.S. He also spent five years leading Marathon Oil’s Central Africa Business Unit, overseeing project expansions and operations in Equatorial Guinea, Gabon and Angola. Throughout his career, he has held challenging technical, staff and managerial positions in the company’s domestic and international production organizations. Mr. Guidry graduated from the University of Louisiana Lafayette in 1980 with a bachelor’s degree in petroleum engineering. He is a member of the Society of Petroleum Engineers, and served on the board of directors for the Corporate Council on Africa, the Independent Petroleum Association of America, the U.S. Oil and Gas Association and was a member of the Upstream Committee of the American Petroleum Institute. We believe Mr. Guidry’s strong operational background and experience, particularly in the international arena, is a valuable asset to our Board.

In October of 2008, Mr. Scheirman was appointed Chief Operating Officer following his overseeing of the planning, fabrication, and installation of the Avouma Field and Ebouri Field production platforms offshore Gabon. Mr. Scheirman continues to serve as President of VAALCO Energy, Inc., a position held since 1992. Mr. Scheirman served as Chief Financial Officer from 1991 to 2008. From 1991 to 1992, Mr. Scheirman served as Executive Vice President of the Company. Prior to joining VAALCO Energy, Inc., Mr. Scheirman was an Associate at McKinsey & Company, Inc. from 1989 to 1991, an investment banker with Copeland, Wickersham and Wiley from 1984 to 1989, and a Petroleum Reservoir Engineer for Exxon Company, U.S.A. from 1978 to 1984. Mr. Scheirman holds a B.S. (Summa Cum Laude) and M.S. in Mechanical Engineering from Duke University (1977 and 1978, respectively) and an M.B.A. from California Lutheran University (1984).

Mr. Hullinger joined VAALCO as our Chief Financial Officer in October 2008 after more than 30 years of finance and accounting experience at Shell Oil Company and its parent company, Royal Dutch Shell. Notable positions held by Mr. Hullinger at Shell Oil include Controller, Treasurer, CFO – Shell Deer Park Refining Company and CFO – Pecten Cameroon Company (West Africa). For Royal Dutch Shell, Mr. Hullinger held the positions of International Audit Manager and as the Manager for Group Accounting, the unit responsible for the financial consolidations, results and reporting. Mr. Hullinger was twice elected Chairman of the Accounting Committee of the American Petroleum Institute. He holds a B.S. in Accounting from Louisiana State University.

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24

Strong Financial Position

($’s in millions)

Financial Position 9/30/2014

Cash Balance (Includes Restricted) $ 146

Working Capital 113

Net PP&E 190

Current Borrowing Balance (IFC Loan) 15

Retained Earnings 278

Financial Performance (9 Months Ended 2014)

Revenues 105

Operating Income 40

Tax Expense 19

Net Income 21

EBITDAX 71

Funds Available for Growth

Working Capital 113

Remaining Credit Facility (IFC Loan) 50

Total Funds Available for Growth $ 163

Basic Shares Outstanding 9/30/2014 (in millions) 57.1

Earnings Per Share (9 Months Ended 2014) $ .36

EBITDAX Reconciliation

25

9 months

ended

9/30/2014

12 months

ended

12/31/2013

Revenues $ 169,277 $

Operating costs and expenses (64,789) (92,052)

Operating income 39,869 $ 77,225 $

Depreciation, depletion and amortization 15,444 16,929

Exploration expenses 15,213 23,928

Total add backs 30,657 $ 40,857 $

EBITDAX (Amounts in thousands)

70,526 $ 118,082 $

104,658

Reserves - Etame Marin Permit

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Reserves Summary(1) (As of 12/31/2013)

Proved 7.2 MMBO

Probable 3.4 MMBO

Possible 3.8 MMBO

Total Reserves 14.4 MMBO

(1) Fully Engineered by Netherland Sewell & Associates, Incorporated

50%

24%

26%

3P Reserves

Proved Probable Possible

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

$110

$14

$16

$4 $6

$19

$10

$39

Net Cash Flow Summary ($/bbl) 2013

Margin

DD&A

Taxes (Profit Oil)

G&A

Workovers

OPEX

Royalty

13%

15%

4%

6%

17% 9%

36%

Net Cash Flow Summary (%/bbl) 2013

Royalty OPEX Workovers G&A Taxes (Profit Oil) DD&A Margin

Margin per Barrel - Etame Marin Permit

27

$ 108

Attributes of Exploration Opportunities

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Attributes

Angola Block 5

EG Block P

Etame Marin

Blocks have existing hydrocarbon (oil) discoveries

Prospects are liquids prone

Shallower water (75m – 500m)

Normally pressured regime

Shallower targeted structures

Lower commerciality threshold

State of the art 3D processing and imaging

Development schemes replicates experience

Total unrisked mean net recoverable resource potential ~ 700 MMBOE

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VAALCO Strong Financial Position for Growth

Asset

Financed by Cash Flow +

Current Cash Position +

IFC Loan

Financed by Capital Markets Transaction

Etame /SEENT Developments

Central Crude Sweetening Project

Mutamba Development

Venus Development

Angola Exploration Wells

EG Exploration Wells

Discovered Undeveloped Resource “Acquisition Costs”

Discovered Undeveloped Resource “Development Costs”