Venoco, Inc. Extends Financing Date in Go-Private Agreement
12 Juni 2012 - 11:05PM
Marketwired
Venoco, Inc. (NYSE: VQ) announced that based on the recommendation
of a special committee of independent directors, the board of
directors of Venoco has agreed to extend to July 20, 2012, the date
by which committed financing to complete the previously announced
merger between Venoco and an affiliate of Timothy M. Marquez,
Venoco's chairman and CEO, must be obtained. On June 5, 2012, the
merger was approved by a majority of the outstanding shares of
Venoco common stock and a majority of the common stock not owned by
Mr. Marquez, his affiliates, and by directors, officers and
employees of Venoco or its subsidiaries. Completion of the
transaction is subject to certain closing conditions, including a
financing condition and other customary conditions.
"The Merger Agreement contemplates that it might be necessary to
provide Mr. Marquez some additional time to secure financing,"
stated Rick Walker, chairman of the special committee of the board
of directors, "and allows for an extension of the financing
deadline if the committee believes an extension is reasonable under
the circumstances. In light of the June 5, 2012, approval of the
transaction by the majority of the company's public shareholders as
well as the significant progress that has been made toward
obtaining the necessary financing, including a signed term sheet
regarding potential financing to be obtained by Mr. Marquez, the
special committee concluded that an extension until July 20, 2012,
was appropriate."
About the Company
Venoco is an independent energy company engaged in the
acquisition, 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
All statements in this press release except 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, and these statements are subject
to numerous risks and uncertainties. The closing of the merger
agreement with Mr. Marquez and his affiliates is subject to a
number of conditions, including a financing condition, and those
conditions may not be satisfied. The term sheet referred to above
is not a binding commitment on the part of the potential source of
financing. The financing contemplated by the term sheet would be in
addition to certain financing arrangements to be entered into by
the company, and these arrangements may not be finalized or closed.
All forward-looking statements are made only as of the date hereof
and the company undertakes no obligation to update any such
statement. Further information on risks and uncertainties that may
affect the company's operations and financial performance, 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.
For further information, please contact: Mike Edwards Vice
President (303) 626-8320 http://www.venocoinc.com E-Mail Email
Contact
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