DENVER, CO, Jun 20, 2012 (MARKETWIRE via COMTEX) --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

SOURCE: Venoco, Inc.

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