Venoco, Inc. Announces Receipt of Highly Confident Letter by CEO

Venoco, Inc. 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.