DENVER, Aug. 29 /PRNewswire-FirstCall/ -- Venoco, Inc. today announced that J. Timothy Brittan has resigned from its board of directors. Mr. Brittan is President of Infinity Oil & Gas, Inc., an exploration and production company and joined the Venoco board in 2003.
"It is with regret that I accepted Tim's resignation," said Venoco founder, chairman and CEO, Tim Marquez. "Tim has been a big contributor to Venoco through a time of dramatic transformation. Tim was a member of the board that resolved shareholder issues that constrained growth, then reorganized the management team and eventually launched our IPO in 2006."
Mr. Brittan's resignation was prompted by ongoing discussions Venoco is having with Infinity about potential transactions. These discussions impaired Mr. Brittan's ability to continue as an independent director on Venoco's board. "We wish Tim continued success with his company and thank him for his many years of service," Mr. Marquez said.
Venoco is an independent energy company primarily engaged in the acquisition, exploitation and development of oil and natural gas properties in California and Texas. Venoco operates three offshore platforms in the Santa Barbara Channel, has non-operated interests in three other platforms, operates four onshore properties in Southern California, has extensive operations in Northern California's Sacramento Basin and operates eighteen fields in Texas.
