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July 31, 2015 10:28 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Venoco, Inc.

Company Overview

Venoco, Inc., an independent energy company, engages in the acquisition, exploration, exploitation, development, and production 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, 2014, it had net proved reserves of approximately 40.4 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

158 Employees



Key Executives for Venoco, Inc.

Chief Executive Officer
Age: 59
Co-Founder, Executive Chairman, Member of Compensation Committee and Chief Executive Officer of DPC
Age: 56
Chief Financial Officer
Age: 45
Principal Accounting Officer and Director of Financial Reporting
Age: 39
Senior Vice President of Southern California Operations
Age: 52
Compensation as of Fiscal Year 2015.

Venoco, Inc. Key Developments

Venoco Inc Provides Operations Update

Venoco Inc. has updated its capital plan for 2015, and will commence drilling operations on Platform Gail at the Sockeye Field. 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 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.

Joel Reed and Richard Walker to Resign as Directors of Venoco, Inc., Effective August 1, 2015

On July 9, 2015, Joel Reed and Richard Walker, directors of Venoco, Inc. announced that they intend to resign as directors of the company effective August 1, 2015.

Venoco, Inc. Enters into New $75 Million Term Loan Facility with Deutsche Bank AG

On June 11, 2015 Venoco, Inc. entered into a new $75 million term loan facility with Deutsche Bank AG. The new facility was fully drawn at closing and matures in December 2017, subject to acceleration in certain circumstances. The company used the proceeds from the new facility to repay all amounts outstanding under its prior term loan facility entered into in April 2015, and the prior facility was then terminated. Amounts borrowed under the new facility bear interest at LIBOR plus 4.0% per annum. The company may repay amounts borrowed under the new facility at any time, subject to certain make-whole payment obligations. The facility contains representations, warranties and covenants typical for instruments of this type. The company's obligations under the facility are secured by a first priority lien on cash collateral and are guaranteed by the company's subsidiaries that guarantee its first lien secured notes and second lien secured notes. The new facility is governed by a term loan, security and guaranty agreement among the company, the guarantors and the lenders party thereto.

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