Sammy Hagar spoke to The San Gabriel Valley Tribune and seemed amazed that Van Halen hasn't released a new studio album in nearly 20 years, explaining,

"The band broke up in 1995. The last record was in '93. 17 years and they haven't made any new music. That's crazy . . . if it changed and it was like it used to be when I was in the band, I could do a reunion and an album, but not under these circumstances."

Sammy, it is easy to do BUT, Van Halen III was released in 1998. So it technically has only been 12 years. But I also tend to over look the Gary Cherone era Van Halen.

Also, could this be the reason David Lee Roth has been rumored to be working on a new solo record with John 5? (link) Maybe Van Halen is content resting on their back catalog of material. Dave might be tired of sitting around waiting for Van Halen to get their shit in order. Eddie is too creative to be sitting around doing nothing. I bet he has lots of riffs, song ideas, etc, in his or recording roughly. Come on Eddie don't leave your fans hanging.