Venoco, Inc. Announces Receipt of Highly Confident Letter by CEO
20 Juni 2012 - 1:00PM
Marketwired
Venoco, Inc. (NYSE: VQ) announced that it has been informed by
Timothy Marquez, Venoco's chairman and CEO, that Mr. Marquez has
received a "highly confident" letter regarding a portion of the
financing necessary to complete the proposed merger between Venoco
and an affiliate of Mr. Marquez. The letter does not create a
binding obligation and is subject to a number of contingencies,
including the completion of due diligence. There can be no
assurance that the financing will be available or that the proposed
merger will be completed.
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 financing contemplated by the highly confident letter 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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