Venoco CEO makes bid to go private

摘要

Venoco Inc., Denver, (NYSE: VQ) reports chairman and chief executive Timothy M. Marquez has made a non-binding proposal to acquire all of the remaining outstanding shares of Venoco for approximately $365 million in cash. Marquez holds 50.3% of Venoco stock and plans to offer $12.50 per share. Venoco has approximately 58.7 million shares outstanding, with the remaining 49.7% not held by Marquez coming to about 29.2 million shares. Venoco has oil and gas assets with principal properties both onshore and offshore southern California and onshore in California's Sacramento Basin. The company is also pursuing an exploration and development project targeting the onshore Monterey shale formation in southern California.