Venoco cancels partnership plan
Written on July 2, 2008
Venoco Inc. on Tuesday withdrew its filing with the Securities and Exchange Commission that would have created a master limited partnership.
Denver-based Venoco (NYSE: VQ) filed an IPO in February for Venoco Acquisition Co. LP.
Venoco, which would have owned 100 percent of the general partner, expected to raise $167.5 million from the sale of 9.1 million common units.
Tim Marquez, chairman and CEO of Venoco, said rising commodity prices and changing market conditions mean there’s little incentive to create a master limited partnership payday advance online.
Venoco is an oil and natural gas company.
Filed in: business.