Venoco Inc., Denver, has signed a definitive merger agreement under which its chairman and chief executive officer, Timothy M. Marquez, who with affiliated trusts and foundations holds 50.3% of Venoco’s common stock, will acquire Venoco.

Venoco shareholders other than the acquirers will receive $12.50/share, implying an enterprise value of $1.5 billion. Venoco’s board and a special committee of the board formed to review the proposal also recommended acceptance.