DENVER, March 27 /PRNewswire-FirstCall/ -- Venoco, Inc. today announced that Ed O'Donnell will be stepping down from its board of directors and will rejoin the company as a Senior Vice President. Mr. O'Donnell has served two terms on the board and served as President of the company's domestic division from 2001 until 2002.
"We are very pleased to have Ed back in a managerial role," said Tim Marquez, Venoco's Chairman and Chief Executive Officer. "We appreciate the contributions Ed has made as a board member, but know his experience in managing operations and development will be far more valuable to the company."
"Ed knows these operations inside and out, so he will be able to step right in and avoid a learning curve," Mr. Marquez added.
"Venoco has a great team of people and solid assets with both operational and development opportunities -- I am very excited to be a part of the management team again," said Mr. O'Donnell.
Mr. O'Donnell originally joined Venoco in 1997 as Vice President of Development, then was promoted to Vice President of the offshore business unit. Prior to joining Venoco, Mr. O'Donnell worked for Unocal for more than 20 years, including four years in corporate planning and more than ten years in operations management. At Unocal, he managed onshore and offshore assets in California, Alaska and West Texas. Mr. O'Donnell has a BS in Petroleum Engineering from Montana Tech, an MS in Petroleum Engineering from the University of Southern California and an MBA from Pepperdine University. He has been a member of the Society of Petroleum Engineers as well as the American Petroleum Institute.
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-operated 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 other than 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, those described in the company's filings with the Securities and Exchange Commission, which are incorporated by this reference as though fully set forth herein.
This release is available on our website at http://www.venocoinc.com/.
