SOURCE: Venoco, Inc.

Venoco, Inc.

September 26, 2011 07:00 ET

Venoco, Inc. Special Committee Announces Retention of Financial and Legal Advisors

DENVER, CO--(Marketwire - Sep 26, 2011) - Venoco, Inc. (NYSE: VQ) announced that the Special Committee of its Board of Directors, comprised of all of the independent members of the Board, has retained Bank of America Merrill Lynch and Strategic Energy Advisors as independent financial advisors to assist it in, among other things, evaluating and determining the company's response to the non-binding proposal made on August 26, 2011 from Timothy M. Marquez, Chairman and CEO of the company and the holder of approximately 50.3% of Venoco's outstanding common stock. Mr. Marquez proposed to acquire all of the outstanding shares of Venoco common stock for $12.50 per share in cash.

The committee has also retained Squire, Sanders and Dempsey, LLP to advise it on legal matters.

The Board of Directors cautions Venoco shareholders and others considering trading in its securities that no decision has been made by the Special Committee with respect to Mr. Marquez's proposal and that the Special Committee will be considering alternatives to that proposal, including continuing to operate the company without pursuing a strategic transaction or business combination. There can be no assurance that any definitive offer will be made, that any agreement will be executed, or that the transaction proposed by Mr. Marquez or any alternative transaction will be approved or consummated.

About Venoco, Inc.

Venoco is an independent energy company primarily engaged in the acquisition, exploration, exploitation and development of oil and natural gas properties primarily in California. Venoco operates three offshore platforms in the Santa Barbara Channel, has non-operated interests in three other platforms, operates three onshore properties in Southern California, and has extensive operations in Northern California's Sacramento Basin.

Forward-looking Statements:

This press release contains statements that are forward-looking statements. These statements are based on current expectations about future events. These statements are not guarantees of future events and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual events may differ materially from what is expressed in such forward-looking statements due to numerous factors. These include the uncertainties set forth in this press release regarding whether an acquisition of Venoco will be consummated upon the terms proposed by Timothy Marquez or at all. Further information and risks regarding factors that could affect our business, operations, financial results or financial positions are discussed from time to time in Venoco's Securities and Exchange Commission filings and reports. The shareholders of Venoco and other readers are cautioned not to put undue reliance on any forward-looking statements. Venoco undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information