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February 10, 2016 3:34 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

Phone:

303-626-8300

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. Appoints Richard C. Keller to Board

On January 5, 2016, the board of directors of Venoco, Inc. appointed Richard C. Keller to the company's board. Mr. Keller, 74, was employed by Unocal Corporation from 1964 until his retirement in 1999. He also served as the President of Unocal Pakistan Ltd. from 1995 to 1998.

Venoco, Inc. Appoints Joseph A. Bondi to the Board of Directors

On December 9, 2015, the board of directors of Venoco, Inc. appointed Joseph A. Bondi to the company's board. Mr. Bondi, retired from Alvarez & Marsal (A&M) in 2013, having initially joined that firm in 1988. It is expected that Mr. Bondi will serve on the audit and compensation committees of the board of directors. Mr. Bondi has been a director of Merrill Corporation since 2014 and of Optim Energy LLC from March 2014 to October 2015.

Venoco, Inc. Announces Unaudited Consolidated Production and Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Reports Impairment Charges for the ended September 30, 2015

Venoco, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, total revenues were $11,154,000 against $57,851,000 a year ago. Loss from operations was $205,077,000 against income from operations of $23,711,000 a year ago. Loss before taxes was $203,322,000 against income before taxes of $39,525,000 a year ago. Net loss was $203,322,000 against net income of $39,525,000 a year ago. Adjusted loss was $17,037,000 against $6,630,000 a year ago. Adjusted EBITDA was $9,488,000 against $26,005,000 a year ago. Capital expenditures for exploration, development and other spending were $13.8 million, including $9.8 million for drilling and rework activities, and the remaining $4.0 million for facilities, land, seismic, and capitalized G&A. Production in the third quarter of 2015 was 2,849 BOE/d compared to 4,554 BOE/d in the second quarter of 2015 and 7,344 BOE/d in the third quarter of 2014. For the nine months, total revenues were $51,442,000 against $187,887,000 a year ago. Loss from operations was $373,982,000 against income from operations of $69,320,000 a year ago. Loss before taxes was $334,936,000 against income before taxes of $40,332,000 a year ago. Net loss was $334,936,000 against net income of $40,332,000 a year ago. Adjusted loss was $33,074,000 against adjusted earnings of $14,606,000 a year ago. Adjusted EBITDA was $48,984,000 against $96,441,000 a year ago For the nine months, production was 4,467 BOE/d compared to 7,674 BOE/d for the same period last year. For the quarter, impairment was $191,800,000.

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