"We have a solid inventory of projects to develop this year, which we
expect will translate into significant production growth from each of our
operating areas," commented
"In the
"In anticipation of regulatory approvals related to our South Ellwood full-field development project, we are initiating expenditures on certain long-lead items. Once approvals are received, we will increase capital spending on the development effort," noted Mr. Marquez.
Approximately
"We plan to manage our financial requirements for the 2009 capital budget
using cash flow from operations and a portion of the proceeds from the sale of
the Hastings complex," explained
General & Administrative and Lease Operating Expenses
2009 General & Administrative expenses are expected to average
"Solid execution of our growth plans in 2008 has translated into a very successful year for Venoco," Mr. Marquez continued. "Venoco has increased production as planned during the year while laying the foundation for future growth."
Venoco is an independent energy company primarily engaged in the
acquisition, exploitation and development of oil and natural gas properties in
Forward-looking Statements
Statements made in this news release relating to Venoco's 2008 production, 2009 production and expenses, planned capital expenditures and development projects, the closing of the Hastings complex sale, the receipt of approvals relating to the South Ellwood full-field development plan, and all other statements except statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and the company's future performance are both subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, the timing and extent of changes in oil and gas prices, the timing and results of drilling and other development activities, the availability and cost of obtaining drilling equipment and technical personnel, risks associated with the availability of acceptable transportation arrangements and the possibility of unanticipated operational problems, delays in completing production, treatment and transportation facilities, higher than expected production costs and other expenses, and pipeline curtailments by third parties. All forward-looking statements are made only as of the date hereof and the company undertakes no obligation to update any such statement. Further information on risks and uncertainties that may affect the Company's operations and financial performance, and the forward-looking statements made herein, is available in the company's filings with the Securities and Exchange Commission, which are incorporated by this reference as though fully set forth herein.
SOURCE Venoco, Inc.