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CORRECTED - VAALCO says proxy adviser prefers its card

Thu May 22, 2008 3:02pm EDT

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(Corrects first paragraph to show proxy advisor recommends voting on the company proxy card, rather than for the company slate, as previously sent)

NEW YORK, May 22 (Reuters) - VAALCO Energy Inc (EGY.N) said on Thursday that proxy advisory firm Glass Lewis & Co. recommended shareholders vote on the proxy card provided by the company rather than one provided by a hedge fund.

In a press release, VAALCO quoted Glass Lewis as saying, "we are concerned that the Dissident's primary plan for improvement appears to be pursuing a sale of the company."

Hedge fund Nanes Delorme Partners has proposed its own nominees for the VAALCO board, and has urged the company to consider its strategic options and put itself up for sale. (Reporting by Matt Daily, editing by Dave Zimmerman)



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