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November 3 , 2021 X VAALCO ENERGY , INC . VAALCO Energy , Inc. Announces Third Quarter 2021 Results REPORTS NET INCOME OF $ 31.7 MILLION , OR $ 0.53 PER DILUTED SHARE ANNOUNCES QUARTERLY CASH DIVIDEND POLICY BEGINNING IN 2022 HOUSTON , Nov. 03 , 2021 ( GLOBE NEWSWIRE ) -- VAALCO Energy , Inc. ( NYSE : EGY , LSE : EGY ) today reported operational and financial results for the third quarter of 2021 and announced its Board of Directors has adopted a quarterly cash dividend policy of an expected $ 0.0325 per common share commencing in the first quarter of 2022 . Highlights and Recent Key Items : • Reported strong Q3 2021 net income of $ 31.7 million ( $ 0.53 per diluted share ) driven by increased sales , higher realized pricing , and a $ 22.7 million non - cash deferred tax benefit ; o Generated $ 10.0 million ( $ 0.17 per diluted share ) of Adjusted Net Income ¹ ) ; • Grew Adjusted EBITDAX ( 1 ) to $ 23.3 million in Q3 2021 and has now generated $ 63.2 million in the first nine months of 2021 ; • Sold 741,000 barrels of oil in Q3 2021 , an increase of 15 % over Q2 2021 and produced 7,694 net revenue interest ( “ NRI ” ) ( 2 ) barrels of crude oil per day ( " BOPD " ) , or 8,844 working interest ( “ WI ” ) ( ³ ) BOPD in Q3 2021 , near the high end of guidance despite the annual seven - day field - wide turnaround ; o Efficiently completed the annual turnaround in September , on time and within budget ; • Undertook and completed a second scheduled turnaround in early October for maintenance needed on the FPSO ; • Successfully performed two workovers in September and October which resulted in an increase to production of approximately 1,050 BOPD gross ( 540 BOPD net ) ; • Provisionally awarded two offshore blocks in Gabon adjacent to Etame as part of a consortium with VAALCO owning a non - operated working interest of 37.5 % ; • Grew cash balance to $ 52.8 million as of September 30 , 2021 ; and • Adopted a quarterly cash dividend policy of an expected $ 0.0325 per common share commencing in the first quarter of 2022 . ( 1 ) Adjusted EBITDAX , Adjusted Net Income and Adjusted Working Capital are Non - GAAP financial measures and are described and reconciled to the closest GAAP measure in the attached table under " Non - GAAP Financial Measures . " ( 2 ) All NRI production rates and volumes are VAALCO's 58.8 % WI from and after February 25 , 2021 , less 13 % royalty volumes . ( 3 ) All Wl production rates and volumes are VAALCO's 58.8 % WI from and after February 25 , 2021 . George Maxwell , VAALCO's Chief Executive Officer commented , " We are very encouraged by our strong third quarter operational and financial results , as well as the key strategic developments accomplished over the past several months . We efficiently completed our