Market Overview

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

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VAALCO Energy, Inc. (NYSE: 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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