Venoco Extends Financing Date in Go-Private Agreement

Venoco, Inc.

announced that based on the recommendation of a special committee of independent directors, the board of directors of Venoco has agreed to extend to August 31, 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. The merger was previously approved by a majority of the outstanding shares of Venoco common stock and a majority of the votes 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.