June 24, 2009 (FinancialWire) — Vaalco Energy, Inc.’s (NYSE: EGY) board has authorized the repurchase of up to $10 million of the company’s common stock.

Under the share buyback program, shares of common stock will be purchased on the open market or through privately negotiated transactions during the authorized 12 month period. The company currently has around 59 million diluted shares of common stock outstanding.

Houston-based Vaalco Energy is an independent energy company principally engaged in the acquisition, exploration, development and production of crude oil.

The company’s properties and exploration acreage are located primarily in Gabon and Angola, West Africa.

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