DENVER, CO–(Marketwired – July 15, 2015) – Venoco, Inc. (“Venoco”, the “company”, or “us”) announced today that Joel L. Reed and Richard S. Walker are resigning from Venoco’s Board of Directors. Both resignations are effective August 1, 2015. Mr. Reed served as a director of Venoco from September 1998 to March 2002 and from August 2005 until the completion of the going private transaction in October 2012. He was reappointed to the Venoco Board in November 2012. Mr. Walker served as a director of Venoco from June 2007 until the completion of the going private transaction in October 2012. He was reappointed to the Venoco Board in November 2012.
“I’d like to personally express my gratitude to Joel and Rick for their long service to Venoco over the years. They’ve been excellent Board members for Venoco, bringing invaluable insight, business acumen and corporate governance expertise. I’ve always appreciated their personal integrity, professionalism and dedication to Venoco. I wish them well,” said Tim Marquez, Venoco’s Executive Chairman. Venoco has amended its Articles of Incorporation to allow for a single Director.
“With a series of recent financing transactions and other noteworthy corporate milestones now behind us, it was a logical time for Joel and Rick to move on,” Mr. Marquez continued. “The Venoco team is working hard and looking forward to an increased tempo in the remainder of 2015. I’m happy to announce that our technical staff will be busy with an updated capital plan that includes increased activity at Platform Gail.”
The company has updated its capital plan for 2015, and will commence drilling operations on Platform Gail at the Sockeye Field later this month. The company plans to drill two wells targeting the M2 zone. First production is expected in late August. Production activities at Platform Holly at the South Ellwood field remain temporarily suspended following the May 19, 2015 rupture of the third-party common carrier pipeline owned and operated by Plains All American Pipeline, L.P. (“Plains”). As indicated in a prior news release, Plains is not affiliated with Venoco and it owns and operates the affected pipeline completely independently from Venoco. The duration of the unavailability of the third-party pipeline is unknown and is contingent on, among other things, satisfactory compliance of corrective action orders issued by the US Department of Transportation (Pipeline and Hazardous Materials Safety Administration). The company will resume full operations at Platform Holly when the Plains pipeline returns to service.
This release contains certain forward-looking statements, including statements regarding the intent, beliefs or current expectations of the company or its officers with respect to various matters. All forward-looking statements are based on assumptions that Venoco believes to be reasonable. However, actual results almost always vary from assumed facts and the differences can be material, depending upon the circumstances. As a result, you should not place undue reliance on such forward-looking statements. Forward-looking statements in this release relate to, among other things, the company’s drilling plans and matters relating to the Plains pipeline. Forward-looking statements are subject to a wide variety of risks and uncertainties, including risks associated with possible changes in the company’s drilling plans, a failure to obtain the approvals necessary to return the Plains pipeline to service, and other risks discussed in Venoco’s filings with the SEC, all of which are incorporated herein by reference. All of Venoco’s forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements. In addition, Venoco disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.
About the Company
Venoco is an independent energy company primarily engaged in the acquisition, exploitation and development of oil and natural gas properties primarily in California. Venoco operates three offshore platforms in the Santa Barbara Channel, has non-operated interests in three other platforms and operates onshore properties in Southern California.
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