Vanco Overseas Energy Group Name Change Following Appointment of New CEO

Vanco Overseas Energy Group has been renamed “PanAtlantic Energy Group” to reflect its major asset base and areas of focus. Effective immediately, PanAtlantic will succeed and replace Vanco. PanAtlantic will continue building on the rich history of Vanco. PanAtlantic as an independent oil and gas organization will continue the mission to explore for and develop oil and gas worldwide, emphasizing deepwater and frontier areas along the Atlantic Ocean margins of Latin America and West Africa.

Effective from April 2, 2012, William T. Drennen III has been appointed President and Chief Executive Officer of PanAtlantic. Mr. Drennen will lead the company in managing the existing worldwide portfolio and growing the asset base through the acquisition of new projects. Mr. Drennen brings to PanAtlantic over 36 years of domestic and international industry experience, including executive management positions at ExxonMobil Corporation and most recently Hess Corporation.

PanAtlantic has assembled an experienced team from the prior organization’s management and technical staff. PanAtlantic’s personnel represent a combination of significant deepwater and frontier oil and gas expertise – both as a generator of world-class exploration prospects and as a successful operator of high-potential, capital-intensive deepwater drilling activity. PanAtlantic continues with the tradition of solid financial strength, access to capital, and extensive financial and investment experience built on a superior geoscience and engineering technical foundation and skill set.

PanAtlantic holds deepwater exploration acreage in Brazil, West Africa and the Black Sea.

• In the Santos Basin of Brazil, PanAtlantic operates three high-potential offshore blocks and will drill three exploration wells in 2012 - 2013.
• In West Africa, PanAtlantic holds various interests in the highly prospective Transform Margin region of West Africa with approximately 4.36 million gross acres (17,656 square kilometers) under license. Specifically this portfolio includes Equatorial Guinea, Ghana, Cote d’Ivoire and Sierra Leone.
• In the Black Sea, PanAtlantic holds a significant interest in two offshore Romania blocks that are on trend with a recent ExxonMobil discovery. Additionally, PanAtlantic holds an interest in the Prykerchenska block, acquired under Ukraine's first Production Sharing Agreement.

PanAtlantic Group subsidiaries Vanco Côte d'Ivoire Ltd., Vanco Ghana Ltd., Vanco Corisco Deep Ltd. and Vanco Brasil E&P maintain operating efficiency and government and public relations through company offices in Rio de Janeiro (Brazil), Abidjan (Côte d'Ivoire), Accra (Ghana), and Malabo (Equatorial Guinea).

Contact:

PanAtlantic Energy Group
J.L. Mitchell, 713-386-2710
SVP