Data are presented characterizing a new process for fabrication of vertical-cavity surface-emitting lasers based on the selective conversion of high Al composition epitaxial AlGaAs to a stable native oxide using ''wet oxidation.'' The native oxide is used to form a ring contact to the laser active region. The resulting laser active regions have dimensions of 8, 4, and 2 mum. The lowest threshold laser is achieved with the 8-mum active region, with a minimum threshold current of 225-muA continuous wave at room temperature.