VAALCO Brings Action Against Nanes Delorme Partners and Pilatus Energy Alleging Violations...

VAALCO Brings Action Against Nanes Delorme Partners and Pilatus Energy
Alleging Violations of Federal Securities Laws

HOUSTON, May 13 /PRNewswire-FirstCall/ -- VAALCO Energy, Inc. (NYSE: EGY),
an independent energy company principally engaged in the acquisition,
exploration, development and production of crude oil, today announced that it
has filed a lawsuit against Nanes Delorme Partners I L.P., a New York based
hedge fund, and Pilatus Energy SA, an oil and gas company headquartered in
Zug, Switzerland, alleging violations of federal securities laws.
"We believe Nanes Delorme Partners and Pilatus Energy have violated
federal securities laws by using proxy materials that were false and
misleading, particularly regarding the background and identity of the
participants in the proxy solicitation and the serious conflicting interests
these participants have to VAALCO and its other stockholders. We filed this
suit against Nanes Delorme Partners and Pilatus Energy to ensure that our
stockholders receive the complete and accurate information that they deserve
and is required by the federal securities laws. We will continue to take all
appropriate steps to protect VAALCO's stockholders," said Robert L. Gerry,
III, Chairman and CEO of VAALCO.
In the lawsuit filed today in the United States District Court for the
Southern District of Texas, Houston Division, VAALCO alleges that Nanes
Delorme Partners and Pilatus Energy have violated Section 13(d) and Section
14(a) of the federal securities laws by filing a false and misleading Schedule
13D and by filing false and misleading proxy materials in an attempt to
install their three hand-picked, paid nominees onto VAALCO's Board of
Directors at the Company's Annual meeting of Stockholders on June 4, 2008.
In its complaint, VAALCO has asked the Court to require, among other
things, Nanes Delorme Partners and Pilatus Energy to comply with their
disclosure obligations and to enjoin them from voting any proxies Nanes
Delorme Partners and Pilatus Energy may obtain prior to the correction of
their securities filings.
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 of oil and natural gas properties with high
emphasis on international opportunities. The Company's properties and
exploration acreage are located primarily in Gabon and Angola, West Africa.
Important Information
In connection with this solicitation of proxies, VAALCO filed with the SEC
definitive proxy materials (the "Proxy Materials"). The Proxy Materials
contain important information about VAALCO, the 2008 Annual Stockholders
Meeting, and our nominees and other directors in the solicitation. VAALCO's
stockholders are urged to read the Proxy Materials carefully. Stockholders may
obtain additional free copies of the Proxy Materials and other relevant
documents filed with the SEC by VAALCO through the website maintained by the
SEC at www.sec.gov. The Proxy Materials and other relevant documents may also
be obtained free of charge from VAALCO at VAALCO Energy, Inc., 4600 Post Oak
Place, Suite 309, Houston, Texas 77027; or by phone at (713) 623-0801. The
Proxy Materials are also available on VAALCO's website at www.vaalco.com. The
contents of the websites referenced above are not deemed to be incorporated by
reference into the Proxy Materials.
VAALCO stockholders who have questions about how to vote their shares
should contact the firm assisting VAALCO in the solicitation of proxies, D.F.
King & Co., Inc., toll free at 800-901-0068 or collect at 212-269-5500.
Forward-Looking Statements
This document includes "forward-looking statements" as defined by the U.S.
securities laws. Forward-looking statements are those concerning VAALCO's
plans, expectations, and objectives for future drilling, completion and other
operations and activities. All statements included in this document that
address activities, events or developments that VAALCO expects, believes or
anticipates will or may occur in the future are forward-looking statements.
These statements include future production rates, completion and production
timetables and costs to complete well. These statements are based on
assumptions made by VAALCO based on its experience perception of historical
trends, current conditions, expected future developments and other factors it
believes are appropriate in the circumstances. Such statements are subject to
a number of assumptions, risks and uncertainties, many of which are beyond
VAALCO's control. These risks include, but are not limited to, inflation, lack
of availability of goods, services and capital, environmental risks, drilling
risks, foreign operational risks and regulatory changes. Investors are
cautioned that forward-looking statements are not guarantees of future
performance and that actual results or developments may differ materially from
those projected in the forward-looking statements. These risks are further
described in VAALCO's annual report on Form 10-K for the year ended December
31, 2007 and other reports filed with the SEC which can be reviewed at
http://www.sec.gov, or which can be received by contacting VAALCO at 4600 Post
Oak Place, Suite 309, Houston, Texas 77027, (713) 623-0801.
Investor Contact Media Contact
W. Russell Scheirman Andrew Brimmer / Barrett Golden
713-623-0801 Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

SOURCE VAALCO Energy, Inc.

Investor Contact, W. Russell Scheirman, +1-713-623-0801; Media, Andrew
Brimmer, or Barrett Golden, both of Joele Frank, Wilkinson Brimmer Katcher,
+1-212-355-4449