Venoco Exericses Over-Allotment Option

Venoco, Inc. (NYSE: VQ) says that the underwriters of its recent public common stock offering have purchased an additional 465,000 shares of the company's common stock pursuant to their over-allotment option. The proceeds to Venoco of the over-allotment option exercise were approximately $8.2 million, net of underwriting discounts, commissions and estimated costs associated with the transaction.

Including shares sold pursuant to the over-allotment option exercise, Venoco sold 6,565,000 shares of common stock in the offering at a price to the public of $18.50 per share. Venoco intends to use the net proceeds from the offering to reduce outstanding indebtedness under its revolving credit facility and to fund capital expenditures. Credit Suisse Securities (USA) LLC and Lehman Brothers Inc. acted as joint book-running managers for the offering. The offering was made by means of a prospectus and a related prospectus supplement, copies of which may be obtained from the offices of Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, NY 10010, 1-800-221-1037, or Lehman Brothers, c/o Broadridge Prospectus Fulfillment, 1155 Long Island Avenue, Edgewood, NY 11717 (e-mail:; fax: 631-254-7140). An electronic copy of the prospectus will be available on the website of the Securities and Exchange Commission at

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.

Venoco is an independent energy company primarily engaged in the acquisition, exploitation and development of oil and natural gas properties in California and Texas. 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, has extensive operations in Northern California's Sacramento Basin and operates eighteen fields in the Texas Gulf Coast and South Texas.


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