VAALCO Energy, Inc. (NYSE:EGY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

VAALCO Energy, Inc. (NYSE:EGY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02

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On May 31, 2019, A. John Knapp, Jr., a member of the Board of Directors (the “Board”) of VAALCO Energy Inc. (the “Company”) delivered a letter to the Company stating that he resigned from his position as a member of the Board and each of its committees, effective immediately. At the time of his resignation, Mr. Knapp was a member of each of the Audit Committee, Compensation Committee, Nominating and Corporate Governance Committee and Strategic Committee of the Board and served as Chairman of the Audit Committee.



Mr. Knapp’s resignation was tendered solely to Section 1(c) of that certain Stockholder Agreement, dated as of December 22, 2015 , by and among the Company, Kornitzer Capital Management, Inc. (“KCM”) and John C. Kornitzer (“Mr. Kornitzer,” and together with KCM, the “Kornitzer Group”), to which Mr. Knapp, as designee of the Kornitzer Group, was required to resign as a member of the Board following such time that the Kornitzer Group, collectively with its affiliates, beneficially held less than five percent (5%) of the outstanding common stock of the Company. Based solely on a Schedule 13D/A filed by KCM on May 23, 2019, the Kornitzer Group beneficially held less than five percent (5%) of the Company’s outstanding common stock as of such date. Accordingly, the resignation of Mr. Knapp was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.



Following Mr. Knapp’s resignation, the Company will continue to have the required number of independent directors on its Board committees, as well as a majority of independent directors, each as required by New York Stock Exchange listing standards.



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About VAALCO Energy, Inc. (NYSE:EGY)

VAALCO Energy, Inc. is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of crude oil and natural gas. Its segments include Gabon, Angola, Equatorial Guinea, the United States, and Corporate and other, which includes corporate and operations support. It owns producing properties and conducts exploration activities as an operator in Gabon, West Africa; conducts exploration activities as an operator in Angola, West Africa, and participates in exploration and development activities as a non-operator in Equatorial Guinea, West Africa. In the United States, it operates unconventional resource properties in North Texas and hold undeveloped leasehold acreage in Montana. It also owns minor interests in conventional production activities as a non-operator in the United States. Its Etame Marin block is located offshore the Republic of Gabon. It owns over 640-acre lease in the Hefley field (Granite Wash formation) in North Texas.

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