DENVER, Dec. 23 /PRNewswire-FirstCall/ -- Venoco, Inc. (NYSE: VQ) announced today that Tim Marquez, founder, chairman and CEO, has adopted a prearranged trading plan in accordance with guidelines specified by Rule 10b5-1 under the Securities and Exchange Act of 1934, and the company's policies related to sales by insiders.

Rule 10b5-1 permits officers and directors of public companies to adopt predetermined plans for selling or buying specified amounts of stock. The plans may be entered into only when the director or officer is not in possession of material, nonpublic information and may be used to gradually diversify investment portfolios over a period of time.

Under this 10b5-1 plan, Mr. Marquez intends to diversify about three percent of his substantial holdings in Venoco stock. Currently, Mr. Marquez and his wife control 60+% of outstanding Venoco stock.

"I am more bullish than ever on the company and on our prospects for growth," said Mr. Marquez, "which is why, even net of the planned sale of the stock, I expect to own more Venoco shares after this diversification than I did at the beginning of the year. My advisors have recommended adopting the 10b5-1 plan as a prudent way to diversify my family's investments."

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 four onshore properties in Southern California, has extensive operations in Northern California's Sacramento Basin and operates thirteen fields in Texas.

SOURCE Venoco, Inc.