VAALCO Energy to Review Group 42 and Bradley Radoff Consent Solicitation Materials

VAALCO Energy, Inc. (NYSE: EGY) todayconfirmed that a stockholder group consisting of Group 42, Inc. ("Group 42")as well as Bradley L. Radoff, together with other participants(collectively, the "Group 42-BLR Group") has filed notice of its intent tosolicit consents to remove and replace four duly elected members of VAALCO'sBoard of Directors and replace them with Group 42-BLR Group's nominees. The Company issued the following statement in response to Group 42-BLRGroup's filing of consent solicitation materials: "We are committed to acting in the best interests of the Company and allVAALCO stockholders. Consistent with that commitment, the Board andManagement team are focused on executing a strategic plan to drive enhancedstockholder value in a challenging environment for the oil and gas industry. VAALCO's Board of Directors is composed of seven highly qualified directors,six of whom are independent. VAALCO regularly reviews the skills,experience and overall composition of the Board and has added two newindependent directors in the past year and four in the past five years.Together, VAALCO's Board possesses the range of industry, management,financial and business development expertise necessary for overseeingVAALCO's business." VAALCO urges all VAALCO stockholders to refrain from taking any action(including returning any consent card sent by the Group 42-BLR Group) atthis time. VAALCO's Board of Directors, in consultation with its financialand legal advisors, is reviewing Group 42-BLR Group's solicitationmaterials. VAALCO's Board of Directors will advise VAALCO stockholders ofits recommendation regarding the Group 42-BLR Group's solicitation in duecourse. Vinson & Elkins L.L.P. is serving as legal counsel to the Company. VAALCO stockholders with questions may contact the Company's proxysolicitor, D.F. King & Co., Inc., (212) 269-5550. About VAALCO VAALCO Energy, Inc. is a Houston based independent energy companyprincipally engaged in the acquisition, exploration, development andproduction of crude oil. VAALCO's strategy is to increase reserves andproduction through the exploration and exploitation of oil and natural gasproperties with high emphasis on international opportunities. The Company'sproperties and exploration acreage are located primarily in Gabon, Angolaand Equatorial Guinea in West Africa. Additional Information In connection with the consent solicitation initiated by the Group 42-BLRGroup, the Company may file a consent revocation statement and otherdocuments regarding the proposals of the Group 42-BLR Group with the SEC andmay mail a consent revocation statement and a consent revocation card toeach stockholder of record entitled to deliver a written consent withrespect to the proposals of the Group 42-BLR Group. STOCKHOLDERS AREENCOURAGED TO READ ANY CONSENT REVOCATION STATEMENT AND ANY OTHER RELEVANTDOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILLCONTAIN IMPORTANT INFORMATION.