Vaalco to ask stockholders to approve rights plan in 2009

New York, May 21 - Vaalco Energy, Inc. said its board has decided to submit the company's stockholders rights plan for ratification at the 2009 annual meeting.

If not ratified, the plan will terminate.

Vaalco's board put the plan in place in September 2007 with the intention of allowing all stockholders to realize the value of their investment in the company in the event of an unfair or coercive takeover attempt.

"The adoption of the rights plan, together with the board's decision to submit the plan for ratification by Vaalco stockholders in 2009, serve to both protect stockholders' interests and provide the time needed to execute the company's imminent drilling program so that Vaalco stockholders have the opportunity to maximize their return on these investments," said Robert Gerry, III, chairman and chief executive officer, in a news release.

Vaalco is a Houston-based independent energy company.

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