SOURCE: Venoco, Inc.

Venoco, Inc.

February 08, 2011 20:44 ET

Venoco, Inc. Announces Pricing of Common Stock Offering

DENVER, CO--(Marketwire - February 8, 2011) - Venoco, Inc. (NYSE: VQ) announced today that it has priced its previously announced public offering of 4.0 million shares of its common stock at a price to the public of $18.75 per share. Venoco estimates that the net proceeds from its sale of 4.0 million shares in the offering will be approximately $71.4 million, after deducting underwriting discounts and commissions and estimated expenses.

Venoco expects the issuance, delivery and settlement of shares to occur on February 14, 2011, subject to customary closing conditions. The underwriters will have the option to purchase up to an aggregate of 600,000 additional shares of common stock from the company to cover any over-allotments. Venoco intends to use the net proceeds from the offering to reduce certain indebtedness and/or for general corporate purposes.

BofA Merrill Lynch and BMO Capital Markets are acting as joint book-running managers for the offering.

When available, copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained free of charge by visiting EDGAR on the Securities and Exchange Commission's website at or from the underwriters as follows:

  • BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department or email

  • BMO Capital Markets, 3 Times Square Floor 27, New York, NY 10036, Attn: Equity Syndicate Department or email

The common stock is being offered and sold pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering is being made only by means of a prospectus and related prospectus supplement.

Forward-looking Statements

Statements made in this news release other than statements of historical fact are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions are subject to a wide range of business risks and uncertainties and there is no assurance that these assumptions and expectations will be realized. Information regarding risks and uncertainties that may affect the company's operations and the forward-looking statements made herein is available in the company's filings with the Securities and Exchange Commission, which are incorporated by this reference as though fully set forth herein.

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