UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(AMENDMENT NO. 1)
Under the Securities Exchange Act of 1934*
Vaalco Energy, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
91851C201
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(CUSIP Number)
June 20, 2003
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed: [X] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Person Authorized to Receive Notices and Communications:
Taylor H. Wilson, Esq.
Haynes and Boone, LLP
901 Main Street, Suite 3100
Dallas, Texas 75202
(214) 651-5615
SCHEDULE 13G
CUSIP No. 91851C201 Page 2 of 9 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Avocet Capital Management, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY -----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON -----------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
-----------------------------------------------
8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0%
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12 TYPE OF REPORTING PERSON
PN and IA
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CUSIP No. 91851C201 Page 3 of 9 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Avocet Investment Partners, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF 0
SHARES -----------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH 0
REPORTING -----------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH
0
-----------------------------------------------
8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0%
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12 TYPE OF REPORTING PERSON
PN
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CUSIP No. 91851C201 Page 4 of 9 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Blackpool Enterprises, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OR ORGANIZATION
Delaware
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5 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY -----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON -----------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
-----------------------------------------------
8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0%
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12 TYPE OF REPORTING PERSON
OO
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CUSIP No. 91851C201 Page 5 of 9 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
Raymond S. Ingelby
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OR ORGANIZATION
United Kingdom
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5 SOLE VOTING POWER
NUMBER OF
SHARES 0
BENEFICIALLY -----------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH
REPORTING 0
PERSON -----------------------------------------------
WITH 7 SOLE DISPOSITIVE POWER
0
-----------------------------------------------
8 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0%
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12 TYPE OF REPORTING PERSON
IN
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CUSIP No. 91851C201 Page 6 of 9 Pages
Item 1(a) Name of Issuer:
Vaalco Energy, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
4600 Post Oak Place, Suite 309
Houston, Texas 77027
Item 2(a) Names of Persons Filing:
Avocet Capital Management, L.P., a Delaware limited
partnership ("ACM"); Blackpool Enterprises, LLC, a Delaware
limited liability company ("LLC"); Raymond S. Ingelby, a
citizen of the United Kingdom ("Ingelby"); and Avocet
Investment Partners, L.P., a Delaware limited partnership
("AIP") (collectively, the "Filers").
ACM, LLC and Ingelby disclaim beneficial ownership of the
Stock except to the extent of their respective pecuniary
interests therein. AIP is filing jointly with the other
filers, but not as a member of a group, and expressly
disclaims membership in a group. In addition, the filing of
this Statement on behalf of AIP should not be construed as an
admission that AIP is, and it disclaims that it is, the
beneficial owner of any of the Stock covered by this
Statement.
Item 2(b) Addresses of Principal Business Offices:
The principal business office of the Filers is located at:
5508 Highway 290 West, Suite 207
Austin, Texas 78735
Item 2(c) Citizenship:
See Item 2(a). ACM is the investment adviser and the general
partner of AIP. LLC is the general partner of ACM. Ingelby is
the manager of LLC.
Item 2(d) Title of Class of Securities:
Common Stock, par value $0.10 per share (the "Stock").
Item 2(e) CUSIP Number:
91851C201
CUSIP No. 91851C201 Page 7 of 9 Pages
Item 3 Status of Persons Filing:
(a) [ ] Broker or dealer registered under section 15 of the
Act (15 U.S.C. 78o);
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15
U.S.C. 78c);
(c) [ ] Insurance company as defined in section 3(a)(19) of
the Act (15 U.S.C. 78c);
(d) [ ] Investment company registered under section 8 of the
Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e) [X] An investment adviser in accordance with Section
240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in
accordance with Section 240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in
accordance with Section 240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of
the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of
an investment company under section 3(c)(14) of the
Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with Section
240.13d-1(b)(1)(ii)(J).
Item 4 Ownership:
See Items 5-9 and 11 of the cover page for each Filer.
Item 5 Ownership of 5% or Less of a Class:
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following: [X]
Item 6 Ownership of More than 5% on Behalf of Another Person:
The Filers include ACM, an investment adviser whose clients,
including AIP, have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the
sale of, the Stock.
Item 7 Identification and Classification of the Subsidiary which
Acquired the Security Being Reported on By the Parent Holding
Company:
Not applicable.
Item 8 Identification and Classification of Members of the Group:
See Item 2(a) of this Statement.
CUSIP No. 91851C201 Page 8 of 9 Pages
Item 9 Notice of Dissolution of Group:
Not applicable.
Item 10 Certification:
The following certification is made by ACM, LLC and Ingelby:
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired and
are held in the ordinary course of business and were not
acquired and are not held for the purpose of or with the
effect of changing or influencing the control of the issuer of
the securities and were not acquired and are not held in
connection with or as a participant in any transaction having
that purpose or effect.
The following certification is made by AIP:
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the
securities and were not acquired and are not held in
connection with or as a participant in any transaction having
that purpose or effect.
CUSIP No. 91851C201 Page 9 of 9 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: June 30, 2003
AVOCET CAPITAL MANAGEMENT, L.P.
By: Blackpool Enterprises, LLC, its general
partner
By: Raymond S. Ingelby, its manager
By: /s/ James L. Boucherat
-----------------------------------------
James L. Boucherat
Attorney-in-Fact for Raymond S. Ingelby
AVOCET INVESTMENT PARTNERS, L.P.
By: Avocet Capital Management, L.P., its
general partner
By: Blackpool Enterprises, LLC, its general
partner
By: Raymond S. Ingelby, its manager
By: /s/ James L. Boucherat
-----------------------------------------
James L. Boucherat
Attorney-in-Fact for Raymond S. Ingelby
BLACKPOOL ENTERPRISES, LLC
By: Raymond S. Ingelby, its manager
By: /s/ James L. Boucherat
-----------------------------------------
James L. Boucherat
Attorney-in-Fact for Raymond S. Ingelby
RAYMOND S. INGELBY
By: /s/ James L. Boucherat
-----------------------------------------
James L. Boucherat
Attorney-in-Fact for Raymond S. Ingelby
EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
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Exhibit A Joint Filing Agreement, dated as of June 24, 2003, entered into
by and among Avocet Capital Management, L.P., Avocet Investment
Partners, L.P., Blackpool Enterprises, LLC and Raymond S.
Ingelby.