Venoco offers asset package amid bankruptcyVenoco Inc. has retained Seaport Global Securities to help it market a package of seven properties in California and Texas after it filed for Chapter 11 bankruptcy on April 17.The assets include Venoco’s 100% WI in the Santa Clara Federal OCS Unit, a California offshore block that has net production of about 1,388 net boe/d and PDP reserves of 506,000 boe; 25% non-operated WI in the offshore California Dos Cuadras field, which has net production of 520 boe/d, (81% oil) and PDP reserves...
May 04, 2017
Venoco in Chapter 11, will wind down or sell assetsCalifornia-focused E&P company Venoco, Inc. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware on April 17. This is Venoco’s second bankruptcy in as many years, just emerging from one last July after a four-month Chapter 11 process. This time, though, the company’s assets will be sold or wound down. The new filing results from factors including the ongoing closure of Plains All American’s Pipeline 901. COO Mike Wracher...
Apr 19, 2017
Venoco to restructure $1B in debt under Chapter 11Independent California-focused E&P Venoco became the latest energy company to file for protection from creditors, opting for Chapter 11 restructuring on March 18.
Venoco filed a plan that would swap about $200 million in first-lien bond debt for most of its new common stock.
Second-lien bondholders, to which the company owes about $170 million, would get warrants to buy up to 10% of the remaining shares, subject to dilution. The company’s debtor-in-possession financing of up to...
Mar 30, 2016
Western - July 23, 2015• Toronto-based Mooncor Oil & Gas is evaluating two suspended Spring Hill wells in Teton County, Montana, where it is interested in conducting extended production tests. Mooncor is also analyzing existing geological data for the wells as well as seismic data to identify hydrocarbon potential in secondary horizons. It expects to complete this field work in September. Besides northwest Montana, Mooncor explores Alberta’s Muskwa/Duvernay play and conventional prospects in southwest Ontario....
Jul 23, 2015
Oxy to spin off California assets to a separate independentOccidental announced its board of directors has formally approved the spin-off of their California assets (where it's currently running 10 rigs) into an independent and separately traded company, California Resources Corp. The new company will trade under the ticker symbol CRC on the NYSE. CRC is expected to increase production this year by 6,000 boepd to 160,000 boepd. The California exclusive operator has 2.3 million net acres with a $2.1 billion capex split 50/50 between convention and...
Oct 17, 2014
Oxy buys oil field from Venoco ahead of California spinoffDenver-based Venoco Inc. announced an agreement to sell its producing West Montalvo oil field (100% WI) on the Southern California coast for $200 million.The buyer is Occidental Petroleum, which is preparing to spin off its California Resources Corp. subsidiary.The oil field is located in Ventura Co. and consists of a plunging anticline with production from the Sespe formation. It includes an offshore portion that is being developed via extended-reach wells from onshore locations....
Aug 20, 2014
Venoco selling multi-zone prospects in southern CaliforniaPLS has been retained by Venoco Inc. to market its drill-ready Sevier and Santa Maria prospects targeting multiple stacked reservoirs including the Monterey shale in southern California. Both assets are held with 100% WI (80% NRI).Sevier occupies a highly contiguous 10,000 net acres in Kern and San Luis Obispo Cos. with 13 wells drilled and more than 200 locations identified. Its location adjacent to Midway- Sunset field provides easy market access. Venoco has completed permitting for...
Feb 03, 2014
Who's Hot, Who's Not - September 21, 2012Upgrades:• Access Midstream Partners (ACMP/$31.16/$22.50/$32.18/$4.61B) from Neutral to Buy by Citigroup.• Cabot Oil & Gas Corp. (COG/$44.82/$27.77/$47.25/$9.42B) from Hold to Buy by Stifel Nicolaus.• Gastar Exploration, Ltd. (GST/$1.83/$1.55/$4.45/$115.96M) from In-line to Outperform by Imperial Capital.• Cenovus Energy Inc. (CVE/$36.03/$27.15/$39.81/$27.24B) from Equal Weight to Overweight by Barclays.• Gulfport Energy Corp....
Sep 21, 2012
Financial Takes - September 21, 2012Oasis Petroleum (OAS; $30.51 - Sept 6.; Outperform; PT: $39)Plenty of tailwinds in 2H12. Many of the industry's emerging plays are facing "growing pains" and "hiccups" as a result of lagging midstream and other infrastructure investment. We see the Bakken as roughly a year ahead of schedule in this regard. Differentials have collapsed (and gone positive), which we think likely helps 2H12 estimates. With field-level investments largely in place and pad development...
Sep 21, 2012
Who's Hot, Who's Not - Jun. 25, 2012Upgrades:Chesapeake Energy (CHK/$18.33/$13.32/$35.75/$11.8B) from Sell to Hold by Argus.Comstock Resources Inc. (CRK/$14.10/$11.05/$33.63/$679.85M) from Hold to Buy by Stifel Nicolaus.Continental Resources (CLR/$64.71/$42.43/$97.19/$11.62B) from Buy to Hold by Jeffries.EOG Resources, Inc. (EOG/$87.08/$66.81/$119.97/$23.44B) from Neutral to Buy by UBS.Forest Oil (FST/$6.54/$6.60/$28.22/$748.23M) from Hold to Buy by Canaccord Genuity.Foster...
Jun 25, 2012
People & Company Briefs - August 21, 2015American Energy Partners (AELP) hired Elliot J. Chambers as CFO of its affiliates American Energy-Minerals and American Energy-NonOp. Chambers replaces Jennifer M. Grigsby, who is now serving as CFO of AELP’s independent Marcellus and Utica affiliate Ascent Resources. Prior to this appointment, Chambers spent seven years with Chesapeake, where his last role was VP and treasurer.Rockies oil sands explorer American Sands Energy has appointed Glenn McGinnis as its new COO. McGinnis has...
Aug 21, 2015
People & Company Briefs - August 17, 2015Houston-based Balidor Oil & Gas started up in July led by CEO Dave Baker, COO Brian Dorr and VP Steve Liles. Baker and Dorr both hail from Breitburn Energy Partners, where Baker served as operations SVP and Dorr was operations VP. Liles joins from Beta Offshore, a California-focused affiliate of Memorial Production Partners, where he was EVP and COO. Backed by $150 million from Kayne Anderson, Balidor will focus on the ArkLaTex, Mid-Con and Rockies.Consol Energy controller and VP...
Aug 17, 2015
People & Company Briefs - July 06, 2015Apache announced that its EVP and executive adviser to the CEO, Rodney J. Eichler, is retiring. He spent 21 years with the company.Blackstone Minerals, LP, appointed Brent Collins to the position of VP, Investor Relations. Richard N. Papert will step down as director.JayHawk Energy announced that oil and gas attorney Jeff Bright has resigned as a member of the company’s board. Bright joined the board in 2008.Magnum Hunter board member Rocky L. Duckworth has resigned,...
Jul 06, 2015
People & Company Briefs - June 18, 2015Apache has reorganized its operations into three new “super-regions”: Houston, consolidating the Eagle Ford, Anadarko Basin, Texas Panhandle and Canada with James House as SVP; International and Offshore, encompassing the Gulf of Mexico, North Sea and Egypt with Thomas Voytovich as SVP; and Permian with Faron Thibodeaux as SVP. Additional personnel moves include Tim Sullivan in the new role of operations support SVP; Grady Ables as Canada VP and Apache Canada president; Steven Keenan as...
Jun 18, 2015
People Briefs - August 21, 2012• W. Paul Loyd joined Allen-Hoffman Exploration Co. as Vice President, Land.• Brigham Oil & Gas LP appointed John McKenty as land administration manager.• KLR Group LLC appointed Jason Meek as managing director, Energy Investment Banking.• NiMin Energy Corp. announced the departure of D. Scott Dobson as COO.• Santa Fe Petroleum has appointed Steve Crane as COO.• Spartan Oil Corp. announced the departure of Barry McNamara as vicepresident,...
Aug 21, 2012