A pressure relief valve assembly may be coupled to one or more casings and/or tubular members to control fluid communication therebetween. The valve assembly is a one-way valve assembly that relieves pressure within an annulus formed between adjacent casings and/or tubular members to prevent burst or collapse of the casings and/or tubular members. The valve assembly includes a tubular body having a port for fluid communication and a valve ring disposed within the tubular body, the valve ring having a flap for closing the port, wherein the flap is configured to flex from a closed position to an open position in response to a pressure differential. In another embodiment, the valve assembly also includes a retainer sleeve movable from an engaged position for maintaining the flap in a closed position to a disengaged position to allow the flap to open.