Venoco Boosts 2008 Capital Budget to $300MM
Venoco, Inc. has increased its 2008 exploration, exploitation and development capital budget to $300 million from previous guidance of $235 million. In addition, Venoco announced that production for 2008 is expected
to exceed the existing guidance range of 20,500 to 21,500 barrels of oil equivalent per day.
"As a result of our solid production growth and strong commodity prices, we have identified a variety of development projects that we want to continue or expand as we head into 2009," commented Tim Marquez, Venoco's Chairman and CEO. "The increased budget includes an expanded drilling program and additional fracs in the Sacramento Basin, acquisition of additional acreage in key exploration plays, initial expenditures for
the South Ellwood full field development, and additional workover activity in the Hastings field in Texas," noted Marquez.
"I am very pleased with our results thus far in 2008," Marquez continued. "Venoco has increased production during the year while laying the foundation for future growth."
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