VQ Venoco, Inc.

Venoco, Inc. (NYSE: VQ) announced today that it has closed the transaction contemplated by the merger agreement among Venoco, Timothy Marquez, Denver Parent Corporation ("DPC") and Denver Merger Sub. Venoco was merged with and into Denver Merger Sub, with Venoco being the surviving entity. Venoco, as a wholly owned subsidiary of DPC, will continue with the same officers that served the company prior to the merger, with Timothy Marquez as the sole director and Ed O'Donnell as the Chief Executive Officer.

The company also announced that as part of the closing of the go-private transaction it closed a $315 million senior secured second lien term loan which bears interest at LIBOR plus 7% (with a LIBOR floor of 1.50%) and has a maturity date of June 30, 2017. In addition, and also as part of closing the go-private transaction, the company closed on an amended and restated $500 million revolving credit facility, with an initial borrowing base of $175 million and initial commitments of $156 million.

"We are very pleased to have been able to complete this process and to be able to move Venoco forward," said Mr. Marquez, Venoco's founder and Executive Chairman. "We have great assets including stable, long-lived oily properties along with a dedicated and engaged group of employees -- together we expect continued success."

The company will, before market open on October 4, 2012, post slides on its website containing certain financial information disclosed to potential participants in the go-private process. The information will be posted on www.venocoinc.com, on the Investor Relations page under the Webcasts & Presentations heading.

Citigroup acted as exclusive financial advisor to Denver Parent Corporation and Mr. Marquez and lead arranger on both the term loan and the credit facility.

About the Company

Venoco is an independent energy company primarily 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 several onshore properties in Southern California, and has extensive operations in Northern California's Sacramento Basin.

For further information, please contact Mike Edwards Vice President (303) 626-8320 http://www.venocoinc.com E-Mail Email Contact