DENVER, Dec. 15 /PRNewswire-FirstCall/ -- Venoco, Inc. today announced that Mark A. Snell was elected to Venoco's board of directors. Mr. Snell is executive vice president and chief financial officer for Sempra Energy, a San Diego-based Fortune 500 energy services holding company whose subsidiaries provide electricity, natural gas and value-added products and services. The Sempra Energy companies' 14,000 employees serve 29 million consumers in the United States, Europe, Canada, Mexico, South America and Asia.
"We are extremely pleased to add Mark to our board," said Tim Marquez, Venoco's chief executive officer and chairman of the board. "His extensive financial and management experience in various facets of the energy industry will add a valuable and fresh perspective to the company. We look forward to his insights as we develop strategies to accelerate Venoco's growth."
"Venoco is a dynamic young company in an industry filled with opportunities," Mr. Snell said. "I am excited to join its board and participate in its development as a publicly traded company."
Mr. Snell was previously group president of Sempra Global, which focuses on competitive energy markets including energy trading, electrical generation, pipeline and storage utilities, and vice president of Planning and Development for Sempra Energy. Prior to joining Sempra in 2001, Mr. Snell was executive vice president and chief financial officer of Earth Tech in Long Beach, Calif., executive vice president and chief financial officer of Dames and Moore headquartered in Los Angeles, chief financial and administrative officer for Latham & Watkins, a worldwide law firm, and a senior manager at KPMG Peat Marwick in Los Angeles. Mr. Snell has a bachelor's degree in accounting from San Diego State University and is a certified public accountant.
About the Company
Venoco is an independent energy company primarily engaged in the acquisition, exploitation and development of oil and natural gas properties in California and Texas. It has headquarters in Denver, Colorado and regional offices in Carpinteria, California and Houston, Texas. Venoco operates three offshore platforms in the Santa Barbara Channel, has non-operating interests in three other platforms, operates two onshore properties in Southern California, has extensive operations in Northern California's Sacramento Basin and operates twelve fields in the Texas Gulf Coast and South Texas.
Forward-looking Statements
Statements made in this news release relating to Venoco's future growth and development 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 Company's ability to acquire properties that meet its objectives, the timing and extent of changes in oil and gas prices, changes in underlying demand for oil and gas, the timing and results of drilling activity, the availability of and cost of obtaining drilling equipment and technical personnel, delays in completing production, the availability of treatment and transportation facilities and higher than expected production costs and other expenses. Further information on risks and uncertainties 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.
