September 24, 2016 10:18 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Venoco, Inc.

Company Overview

Venoco, Inc., together with its subsidiaries, engages in the acquisition, exploration, exploitation, and development of oil and natural gas properties in offshore and onshore California. The company holds interests in South Ellwood Field, Santa Clara Federal Unit, Dos Cuadras Field, Beverly Hills West Field, and Onshore Monterey Shale formation in southern California. As of December 31, 2015, it had net proved reserves of approximately 13.1 million barrels of oil equivalents. The company was founded in 1992 and is headquartered in Denver, Colorado. Venoco, Inc. is a subsidiary of Denver Parent Corporation.

370 17th Street

Suite 3900

Denver, CO 80202

United States

Founded in 1992

162 Employees

Phone:

303-626-8300

Key Executives for Venoco, Inc.

Chief Executive Officer, President of DPC and Chief Operating Officer of DPC
Age: 60
Co-Founder, Executive Chairman and Chief Executive Officer of DPC
Age: 57
Chief Financial Officer
Age: 46
Senior Vice President of Southern California Operations
Age: 53
Chief Accounting Officer and Director of Financial Reporting
Age: 40
Compensation as of Fiscal Year 2016.

Venoco, Inc. Key Developments

First Amended Reorganization Plan Approved for Venoco, Inc.

The US Bankruptcy Court approved the first amended plan of reorganization of Venoco, Inc. on July 14, 2016. The debtor had filed its first amended modified plan in the Court on July 12, 2016. As per the amended plan, administrative claims, US Trustee fees, priority tax claims, other priority claims, priority claims, DIP facility claims and DIP backstop fee claims of $0.03 million will be paid in full in cash. Wilmer Cutler Pickering Hale fees of $0.4 million will be paid in fill in cash. The debtor does not have any outstanding other secured claims. First Lien Notes Claims of $195.18 million will receive a recovery of 64% in the form of 90% of the new common stock. Second Lien Notes Claims of $171.9 million will receive warrants. Senior PIK Toggle Note Claims of $327 million will receive a recovery of 0.4% through a pro rata share of cash and warrants. 8.875% senior notes claims of $324.41 million will receive a total recover of 4% through $6.5 million in cash and 2% of new common stock. The debtors do not have any general unsecured claims and subordinated securities claims. Equity interests in Venoco and equity interests-Denver Parent Corporation will be cancelled and will not receive any distribution. Equity interests in each Venoco Sub will be reinstated. The plan will be funded by cash in hand, issuance of new common stock, and warrants.

Venoco, Inc. Auditor Raises 'Going Concern' Doubt

Venoco, Inc. filed its 10-K on Jun 06, 2016 for the period ending Dec 31, 2015. In this report its auditor, Ernst & Young LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

First Amended Joint Reorganization Plan and Disclosure Statement Filed by Venoco, Inc.

Venoco, Inc. filed a first amended joint plan of reorganization and disclosure statement in the US Bankruptcy Court on May 15, 2016. As per the plan filed, administrative claims, US Trustee fees, priority tax claims, other priority claims, priority claims, DIP facility claims and DIP backstop fee claims of $35 million will be paid in full in cash. The debtor does not have any outstanding other secured claims. First Lien Notes Claims of $195.18 million will receive a recovery of 64% in the form of 90% of the new common stock. Second Lien Notes Claims of $171.9 million will receive warrants. Senior PIK Toggle Note Claims of $327 million will receive a recovery of 0.4% through a pro rata share of cash and warrants. 8.875% senior notes claims of $324.33 million will receive a total recover of 4% through $6.5 million in cash and 2.6% of new common stock. The debtors do not have any general unsecured claims and subordinated securities claims. Equity interests in Venoco and equity interests-Denver Parent Corporation will be cancelled and will not receive any distribution. Equity interests in each Venoco Sub will be reinstated. The plan will be funded by cash in hand, issuance of new common stock, warrants and exit facility. There shall no other changes in the treatment of any other claim class. As on July 12, 2016, debtor filed a modification of first amended plan of reorganization. As per the plan, professional fee claims will include fees to be paid to Wilmer Cutler Pickering Hale and Dorr LLP, counsel to the objecting noteholders. Wilmer Cutler Pickering Hale fees of $0.4 million will be paid in fill in cash. 8.875% Senior Notes Claims of $324.41 million will receive $6.50 million in cash 2% equity of the reorganized debtor.

Similar Private Companies By Industry

Company Name Region
102 Oil Wells in East Texas Field United States
11 Good Energy, Inc. United States
1280 Horizons, LLC United States
15 Fields in Williston Basin United States
153 Woodbine Wells in The East Texas Oil Field in Rusk County United States

Recent Private Companies Transactions

Type
Date
Target
Bankruptcy
March 18, 2016
--
 

The information and data displayed in this profile are created and managed by Capital IQ, a Standard & Poor's company. Bloomberg.com does not create or control the content. For inquiries, please contact Capital IQ directly by clicking here.

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
Rush University United States
Bloomberg L.P. United States

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact Venoco, Inc., please visit www.venocoinc.com. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.