VAALCO Energy, Inc. (NYSE:EGY) Files An 8-K Termination of a Material Definitive AgreementItem 1.02 Termination of Material Definitive Agreement.
VAALCO Energy, Inc. (the “Company”) and its subsidiaries, VAALCO Gabon (Etame), Inc., VAALCO International, Inc. and VAALCO Gabon S.A. are parties to an amended loan agreement with the International Finance Corporation (the “IFC”) dated December 29, 2016 (“Amended Term Loan Agreement”) which, was secured by the assets of VAALCO Gabon S.A. and was guaranteed by the Company as the parent company. The Amended Term Loan Agreement provided for quarterly principal and interest payments on the amounts currently outstanding through June 30, 2019.
The principal amount of the borrowings at March 31, 2018 under the Amended Term Loan Agreement was $7.1 million, and unamortized deferred financing costs were $0.1 million. On May 22, 2018, the Amended Term Loan Agreement was terminated by a prepayment of the outstanding principle and accrued interest. The Company did not incur any termination or prepayment penalties as a result of the termination of the Amended Term Loan Agreement.
The Company issued a press release announcing the elimination of the debt and start of a workover program. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
VAALCO ENERGY INC /DE/ ExhibitEX-99.1 2 egy-20180522xex99_1.htm EX-99.1 Exhibit 991 Exhibit 99.1 VAALCO ENERGY,…To view the full exhibit click
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.