The chief executive officer and chairman of Venoco Inc., who also is the majority shareholder of the Denver-based oil and gas company, made a nonbinding proposal to acquire all of Venoco common stock in a transaction worth $770 million. Venoco operates primarily in California.
Venoco’s board plans to form a special committee of independent directors to consider the proposal.
Timothy M. Marquez, Venoco chief executive officer, said the acquisition, if approved, would be in the form of a merger via an acquisition vehicle that he would form, and he expects the company’s existing senior management team would remain. He already owns 50.3% of the company.
Marquez will not be part of Venoco’s special committee to consider the proposal to take the company private.
Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.
Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.
