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Venoco Inc
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August 2011 Corporate Presentation
| Timothy Marquez | Page 6 of 11 |
May 19, 2024
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Southern California Overview Venoco, Inc. 6 ? California crude oil pricing tracking with BRENT ? 2011 company-wide ~$6 less than WTI (YTD) ? Low-decline oil fields ? Well-established production history ? 53% of proved reserves(1) ? 42% of production(2) ? Principal oil fields: ~85% of SoCal production ? South Ellwood ? Sockeye ? West Montalvo ? 2011 capital program ? South Ellwood – 3-6 recompletions ? Sockeye – 2 wells ? West Montalvo – 3-4 wells, 4 recompletions ? South Ellwood pipeline: eliminates barging & expected to improve realizations ($5-7/bbl) ? Approved by lead-agency 8/3; final hearings scheduled in mid-August and early September ? Potential to add at least 7 million BOE of proved reserves at year-end 2011 (1) Based on 2010 year end proved reserves. (2) Based on 2010 production. Producing Texas properties, which were sold in a series of transactions during 2009 and 2010, represented ~3% of 2010 production. Proved Reserves and Production 37.4 47.6 50.2 50.0 45.0 8,268 8,285 8,271 8,523 7,745 2,000 5,000 8,000 11,000 14,000 0 15 30 45 60 2006 2007 2008 2009 2010 Bo e/d MM Bo e Proved Reserves Daily Production West Montalvo field