February 2014 Company Update Steve Guidry, CEO NYSE:EGY

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 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

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www.vaalco.com

VAALCO: Poised for Growth  Strong high margin base business  Near term low risk growth opportunities  Balanced long term growth strategy

Discovered Resource Acquisition

Strong Etame Marin Cash Flow

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Current West Africa Exploration Program Near field Development

West Africa Focus Block P Working Interest 31.0% 57,000 gross acres 18,000 net acres Offshore Exploration & Development

Mutamba Iroru Permit Working Interest 41% 270,000 gross acres 111,000 net acres Onshore Exploration & Development Etame Marin Permit Working Interest 28.1% 760,000 gross acres 213,000 net acres Offshore Production and Exploration

Bata

EQUATORIAL GUINEA

Libreville

GABON Port Gentil

Luanda

ANGOLA Block 5 Working Interest 40.0% 1,400,000 gross acres 560,000 net acres Offshore Exploration

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VAALCO’s Profile Key Metrics Share Price(1)

$6.14

52wk Range(1)

$5.03 - $9.06

Market Capitalization(1)

$350

MM

Cash Balance (Unrestricted)(2)

$100

MM

Debt(2)

$ –

MM

Production (Net)(1)

4,400 BOPD

Reserves (2P)(3)

11.2

% Oil(3)

98%

% Operated(3)

100%

Employees(1)

80

Corporate

International

5

37 43

MMBOE

(1) As of 1/30/2014 (2) As of 9/30/2013 (3) As of 12/31/2012

Efficient Reserve Replacement, Etame Marin Permit Cost Metrics (2002-2013)

Development Costs

$14 /BBL

Exploration Costs

$ 3 /BBL

DD&A

$ 9 /BBL Gross EUR 1P Reserves 1P Reserves (MMBO)

120.0 100.0 80.0 60.0 40.0

20.0 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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VAALCO’s Reserves, Etame Marin Permit

3P Reserves (MMBO) Proved

Probable

Possible

Reserves Breakdown (As of 12/31/2012) (1)

27% 48% 25%

Proved

7.45

MMBO

Probable

3.76

MMBO

Possible

4.21

MMBO

15.42

MMBO

TOTAL RESERVES

(1) Based on the NSAI Independent Reserve Report

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VAALCO’s Margin per Barrel, Etame Marin Permit Net Cash Flow Breakdown, Per BBL

Net Cash Flow Breakdown, Per BBL 9 Months Ended 2013 Royalty

$ 108

OPEX

Workovers

G&A

Taxes (Profit Oil)

$110 $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0

$ 33

$ 9

DD&A

13% 30%

16%

Taxes (Profit Oil) $ 21 $ 7 $ 6 $ 18 $ 14

9 Months Ended 2013

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Margin

G&A Workovers OPEX Royalty

6%

9% 20%

6%

DD&A

Margin

VAALCO 2014 Capital Budget 2014 Capital Budget (In Millions)

Development

Gross

VAALCO

 Etame  Facilities  Drilling Campaign

$

210 $

60

24

7

7

3

54

27

40

12

21

8

Exploration  Angola  3-D Seismic  Loengo prospect  EG  S.W. Grande  Gabon  Dimba Total Exploration + Development

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$ 356 $ 117

VAALCO Schedule of Milestones 2014 Drill Dimba Set Etame / SEENT Platforms Ebouri Crude Sweetening Project Pre-feed Development Drill Development Wells 3 Etame Wells 3 SEENT Wells 3 Ebouri Wells Process Angola Seismic Drill Block P (2 wells) 1st Well 2nd Well Drill Angola (2 wells) 1st Well 2nd Well Mutamba Development Mutamba First Oil Note: Schedule of Milestones reflects sequence of events (subject to change)

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Oily and Leveraged to Brent Realized Oil Price Per BBL Compared to Brent BBL (2012) of Production Total % $Rev/Bbl

Oil / Gas Production

100.00% $115.00 $110.00 80.00% $105.00 60.00%

% Gas

$100.00

40.00%

% Oil

$95.00

20.00% $90.00

0.00%

$85.00

Realized Oil Price Per BBL Compared to Brent BBL (2012) $115.00

$Rev/Bbl

$110.00 $105.00 $100.00 $95.00

Group Comparison

$90.00

Anadarko Eni Harvest Shell Sinopec Total Tullow Oil

$85.00

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Offshore Gabon – Etame Marin Permit  Operator with a 28.1% net W.I.

Ebouri

Partners: Addax, Sasol, Tullow, Sojitz and PetroEnergy

 Oil production - 18,000 BOPD gross (1) 4,400 BOPD net(1)

Etame

 Cumulative production through Q3 2013 - 77.5 million barrels  Construction of two new platforms underway

SE Etame

North Tchibala

Libreville Port Gentil

GABON

 Pursuing Etame Permit exploration opportunities and extension Etame Marin Permit Working Interest 28.1%

Avouma

(1) As of 1/31/2014

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Etame Expansion Project New Etame Platform  $175 MM gross investment in the new platform ($49 MM net)

 4 pile, 8 slot platform in water depth of 85 meters  Initial 3 well development $25 MM gross per well ($7 MM net per well)

 Develop 10 MMBOE incremental gross reserves  Installation in 2H 2014

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South East Etame / North Tchibala (SEENT Project)

New SEENT Platform  $150 MM gross investment in the new platform ($42 MM net)

 4 pile, 8 slot platform in water depth of 85 meters  Initial 3 well development $25 MM gross per well ($7 million net per well)

 Develop 7 MMBO gross reserves

 Installation in 2H 2014

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Offshore Gabon: Dimba Prospect  Spud December 2013

 3,000m well depth

 Gamba primary target

 Dry Hole Cost - $19 MM gross ($8.5 MM net)

 Lucina secondary target

 Gamba 5-35 mmbo ~ gross recoverable

 53m water depth

 Lucina 4-81 mmbo ~ gross recoverable A’

A 10 km

N

A’

A

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Onshore Gabon: Mutamba Iroru Permit  N’Gongui discovery well drilled in Q4 2012

Rabi Kounga Field Cum: 840 MMBO EUR 900 MMBO

 Encountered 49 feet of oil pay in the Gamba Formation  41% 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 the production area and renewal of exploration acreage

Atora Field Cum: 38 MMBO N’Gongui Discovery

Bende Field

Gamba-Ivinga Field Cum: 286 MMBO & 568 BCF EUR 350 MMBO

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Offshore Angola: Large Pre-salt Structures in the Kwanza Basin VAALCO Block 5

VAALCO Loengo Prospect

VAALCO Prospect Loengo

A

VAALCO Lead Ombundi ~15 miles

Mobil Discovery Baleia -1A

Cobalt Discovery

Cobalt Discovery

Lontra-1

Mavinga-1

~65 miles

Cobalt Prospect

Cobalt Discovery

Cobalt Discovery Bicuar -1A

Cameia -1 Cameia-2

A’

VAALCO Ombundi Lead

Salt

Mobil Baleia-1A Cobalt Lontra-1

Salt

Cobalt Mavinga-1 Cobalt CAMEIA-1 & CAMEIA-2 Basement Basement

Maersk AZUL-1

Block 5

Block 20

Angola Update:  4Q 2013 Sonangol P&P assigned 40% working interest 17

 1Q 2014 VAALCO and Sonangol P&P currently reprocessing seismic

Block 21

Possible Oil Zone Confirmed Oil Zone Confirmed Gas Zone

Offshore Angola: Block 5 Prospects and Leads Kindele Prospect

Block 5

WD=101m Potential=20-28-49 MMbls Mubafo Discovery

SW

Jack Prospect WD=75m Potential=22-33-55 MMbls

NE

SW

NE

Atlantic Ocean

Post Salt Discovery Post Salt Prospect PreSalt Lead or Prospect

Ombundi Lead NE

SW

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Loengo Prospect

Block 5

WD=500m+ Potential=100-400-760 MMbls

1Q 2014 VAALCO / Sonangol P&P Reprocessing Deep-Water 3-D Seismic

WD=108m Potential=70-104-250 MMbls

SW

NE

Offshore Equatorial Guinea: Block P Marathon 1,100 mmboe

 Acquired 31% W.I. in 57,000 gross acres (PDA area) in November, 2012  2005 discovery – Venus

Exxon 1,300 mmboe

 Working with GEPetrol (Operator) to develop a joint operatorship model

 Two exploration wells expected to be drilled in the near future Hess 600 mmboe

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BLOCK P PDA

Equatorial Guinea

Offshore Equatorial Guinea: Block P PDA Boundary 57,000 acres 232 km2

Block P PDA

A’

Atlantic Ocean

Marte 16-70 mmbo

Exploration Play Types SW Grande

Marte

Atlantic SW Grande 10-180 mmbo

Venus Field 17 - 21 mmbo

Discoveries Prospects

Europa Discovery

A 20 20

VAALCO – Summary Strong high margin base business  Stable production profile  100% operated  98% oil – leveraged to Brent

Near term – low risk growth  Near field development opportunities  Projects on time, on budget  Attractive project economics

Long term growth strategy  In 3 out of top 4 West Africa producing countries  Exposure in excess of 700 MMBOE unrisked net recoverable resource potential  Desire to balance exploration growth with discovered resource acquisitions

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