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Santa Barbara County/Denver Based Oil Company May Go Private

Posted on Tuesday, January 17, 2012 3:35pm

The CEO of a Santa Barbara County, and Denver based oil company is trying to taking it private.

Venoco’s Board of Directors says it accepted an offer of $12.50 a share from CEO Tim Marquez for the business.

Marquez already owns just over 50% of Venoco, and board members say the sale is in the best interests of minority stockholders.

However, some of the shareholders filed a lawsuit over the situation, saying a slump in the oil market means the deal would undervalue the company’s true worth.

Venoco’s stock closed on the news today at $9.99 a share, which is up almost 30%.

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