VAALCO ENERGY, INC.

RBC Global Energy Conference June 3-4, 2013 New York Robert Gerry III
Chief Executive Officer

KCA Deutag Ben Rinnes jackup drilling rig approaching Ebouri Platform

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

Company Profile

Resources and Market Data Ticker (NYSE) Employees - worldwide *Market Capitalization ($MM) Management Ownership *52 Week Price Range *Average Daily Volume (last 90 days) Key Financial Data ($MM) EGY 100 $370 6% $6.07-$9.60 455,609

Reserve Data as of 12/31 Proved & Probable Reserves (MBOE) Proved Reserves (MBOE) Proved Developed Reserves (MBOE) Proved Developed (%) Percent Oil

2012 11,427 7,745 4,008 52% 98%

2011 9,242 6,368 3,996 63% 97%

Q1 2013

2012

2011

Production Data

Revenue Operating Cash Flow Net Income Capex (excl. expl. dry holes) Cash (incl. restricted) Debt Shares (Diluted - millions) EPS (Diluted per share)

$44 $21.5 $7 $15 $116 59 $0.12

$195 $94.0 $0.63 $46 $143 59 $0.01

$210 $89.6 $34 $33 $149 58 $0.59

Daily Production (BOEPD): Gross / VAALCO Net (after royalty) Operated Production Percentage Acreage International (gross/net ) in millions 2.5 / 0.9 17,000 / 4,150 100%

* As of 5/28/2013

West Africa Focus

Block P 57,000 gross acres 18,000 net acres Offshore Exploration & Development

EQUATORIAL GUINEA

Mutamba Iroru Permit 270,000 gross acres 111,000 net acres Onshore Exploration & Development Etame Marin Permit 760,000 gross acres 213,000 net acres Offshore Production and Exploration

Libreville Port Gentil

GABON

Nzeto
Luanda Porto Amboim

Block 5 1,400,000 gross acres 560,000 net acres Offshore Exploration

ANGOLA

Offshore Gabon: Etame Marin Permit

Libreville

GABON
Port Gentil

Ebouri North Tchibala Avouma & South Tchibala

Etame

ETAME MARIN PERMIT

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

Offshore Gabon: Fields in the Etame Marin Permit

Ebouri Field

Etame Field

Southeast Etame Field

North Tchibala Field

South Tchibala Field Avouma Field

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Offshore Gabon: Etame Field

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

Export Pipeline

Offshore Gabon: New Platform Construction

Etame Field

New Etame Platform (Under construction)

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

Export Pipeline

Offshore Gabon: New Platform Construction

SE Etame Field (Gamba)

New Platform (Under construction)

New SE Etame/N. Tchibala Platform Objective to commercialize SE Etame Gamba discovery and exploit North 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

Export Pipeline

North Tchibala Field (Dentale)

Offshore Gabon: Avouma & South Tchibala Fields

Discovery well completed August 2004

Avouma and South Tchibala Fields

Production commenced in January 2007 EAVOM-3H well came online April 2013 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)

Avouma Platform

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

Water knock-out facilities recently installed-expect to be operational in 2H 2013

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Offshore Gabon: Ebouri Field

Ebouri Field

Ebouri Platform

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 Drilling operations currently underway for one exploration well

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Offshore Gabon: Ovoka Prospect

Ovoka Exploration well scheduled after Ebouri platform operations Targeting 140 MMB gross unrisked reserves (34 MMB net to VAALCO) from multiple horizons Water Depth 60m Well Depth 2,800m Estimated costs $17 million ($5 million net to VAALCO)

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Offshore Gabon: Future Exploration Potential

Ovoka Prospect 60m water depth Well depth: 2,800m

GABON

Edge Lead 60m water depth Well depth: 2,500m

223 sq km of 3D data in Etame Marin block completed 4Q 2011

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

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

Elili Prospect 116m water depth Well depth: 3,500m

ETAME MARIN PERMIT

Northeast Avouma 85m water depth Well depth: 2,200m Awaiting partner approval Southwest Avouma 86m water depth Well depth: 2,250m

Kala Discovery Drilled by Elf Gabon 1982 107m water depth Well depth: 3,500m

Dussafu Discovery (Harvest)

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Floating Production, Storage and Offloading Facility

FPSO Petroleo Nautipa

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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 142 liftings through April 2013 totaling approximately 72.2 million barrels Zero environmental incidents since inception of operations Crude is sold in 2013 to Mercuria Trading NV based on Brent pricing structure

Onshore Gabon: Mutamba Iroru Permit

Rabi Kounga Field 240 wells Cum: 840 MMBO EUR 900 MMBO

Atora Field 11 wells Cum: 38 MMBO

NGongui Discovery

Bende Field 3 wells

NGongui 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 Negotiations currently in progress on establishing a production area and renewal of exploration acreage
Gamba-Ivinga Field 68 wells Cum: 286 MMBO & 568 BCF EUR 350 MMBO

(From IHS)
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Offshore Angola: Kwanza Basin Republic of Angola

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

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Offshore Angola: Block 5 Exploration

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

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Offshore Angola: Block 5 Primary Prospects

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

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

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Offshore Equatorial Guinea: Block P

Exxon 1,300 mmboe

Marathon 1,100 mmboe

Cameroon

PDA Boundary 57,000 acres 232 km2

EG

Marte: AlbianTurbidites
Acquired October 2012 2 exploration wells planned in 2013/2014 Venus oil discovery on block currently evaluating development plans

Block P PDA

EG
Hess 600 mmboe Gabon Libreville

SW Grande: Tertiary Channels

Europa Discovery

Venus Field (17 - 21 mmbo)

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Pro-forma Consolidated Balance Sheets

3/31/2013

12/31/2012 $ 130,800 12,131 13,113 3,955 106,608 1,349 267,956

Assets
Cash & cash equivalents Restricted cash Accounts receivables Other current assets PP&E, net Other non-current assets Total assets $ 102,641 12,949 33,307 3,261 118,622 1,349 272,129

Liabilities & Owners' Equity

Current liabilities Asset Retirement Obligation & Other Shareholders' equity Total liabilities & owners equity (Amounts in thousands)
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40,125 10,750 221,254 272,129

45,063 10,368 212,525 267,956

2013 Capital Budget

Gross $Millions
Gabon Offshore
Development Avouma 3H Construction of 2 new platforms (Etame & SEENT) Other $ 28.5 144.7 12.7 $

Net $Million

8.0 40.6 3.6

Exploration

Ebouri exploration well (success case costs)

Ovoka Prospect Angola / Equatorial Guinea

26.6
17.0

7.5
5.0

Two Exploration Well Prospects $

76.0 305.5 $

33.4 98.1

Total

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Pro-forma Income Statements

Revenues Operating costs and expenses Operating Income Other expense, net Income tax expense Net Income Less net income - noncontrolling interest Net income - VAALCO Energy, Inc. (Amounts in thousands)

3 months ended 3/31/2013 $ 44,137 (22,634) $ 21,503 69 (14,246) 7,188 7,188

12 months ended 12/31/2012 $ 195,287 (108,694) $ 86,593 559 (81,813) 5,339 (4,708) 631

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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

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Continue to pursue selective corporate and/or producing property

acquisitions with exploration upside