Venoco, Inc. 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.
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