Venoco (VQ) Reduces '09 Budget By $150 Million
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Venoco, Inc. (NYSE: VQ) announced a further reduction to its capital expenditure plans for 2009 to $150 million dollars; however, 2009 production guidance remains at 19,000 barrels of oil equivalent per day (BOE/d) Venoco also announced that it has restructured its hedging arrangements to secure floors on 100% of 2009 forecast production, and floors on over 80% of 2010 anticipated production volumes.
"We have been successful in locking in new floors covering 100% of our 2009 forecast production. Our new weighted average floor prices for 2009 forecast production is $54.06 per barrel and $6.92 per Mcf," said Tim Marquez, Chairman and CEO.
The sale is scheduled to close on February 2, 2009. After the sale, Venoco will retain a 2% overriding royalty interest in the Hastings Complex and will back in to a 22.3% working interest once Denbury reaches payout from its investment in a CO2 flood of the complex. The potential net reserves to Venoco from the CO2 flood and back-in working interest are estimated to be 15 to 30 million barrels.
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Venoco is an independent energy company primarily engaged in the acquisition, exploitation and development of oil and natural gas properties in California and Texas.
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