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

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VAALCO Energy, Inc.
EGY
today confirmed 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 to solicit consents to remove and replace four duly elected members of VAALCO's Board of Directors and replace them with Group 42-BLR Group's nominees. The Company issued the following statement in response to Group 42-BLR Group's filing of consent solicitation materials: "We are committed to acting in the best interests of the Company and all VAALCO stockholders. Consistent with that commitment, the Board and Management team are focused on executing a strategic plan to drive enhanced stockholder 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 new independent 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 overseeing VAALCO'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) at this time. VAALCO's Board of Directors, in consultation with its financial and legal advisors, is reviewing Group 42-BLR Group's solicitation materials. VAALCO's Board of Directors will advise VAALCO stockholders of its recommendation regarding the Group 42-BLR Group's solicitation in due course. Vinson & Elkins L.L.P. is serving as legal counsel to the Company. VAALCO stockholders with questions may contact the Company's proxy solicitor, D.F. King & Co., Inc., (212) 269-5550. About VAALCO VAALCO Energy, Inc. is a Houston based independent energy company principally engaged in the acquisition, exploration, development and production of crude oil. VAALCO's strategy is to increase reserves and production through the exploration and exploitation of oil and natural gas properties with high emphasis on international opportunities. The Company's properties and exploration acreage are located primarily in Gabon, Angola and Equatorial Guinea in West Africa. Additional Information In connection with the consent solicitation initiated by the Group 42-BLR Group, the Company may file a consent revocation statement and other documents regarding the proposals of the Group 42-BLR Group with the SEC and may mail a consent revocation statement and a consent revocation card to each stockholder of record entitled to deliver a written consent with respect to the proposals of the Group 42-BLR Group. STOCKHOLDERS ARE ENCOURAGED TO READ ANY CONSENT REVOCATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
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