Joel L. Reed Joins Venoco, Inc. Board

CARPINTERIA, Calif., Aug. 31  /PRNewswire/ -- Venoco, Inc. (Bloomberg ticker: 552338Z US)announced that Joel L. Reed has been named to the Venoco board of directors.  Mr. Reed, a principal with Relational Advisors, is a former Venoco director and rejoins the board after a three year absence.

"We are very pleased to welcome Joel back to the board.  His experience in the oil and gas industry, investment-banking, mergers and acquisitions and corporate governance matters will be very valuable to Venoco," commented Tim Marquez, chief executive officer and chairman of the board.

Mr. Reed is a founder and principal of Relational Group and its affiliates Relational Advisors and Relational Investors, and Titan Investment Partners. Prior to founding these firms, he was president and chief executive officer of Wagner & Brown Ltd., of Midland, Texas.  Wagner & Brown was a privately owned group of companies engaged in energy, real estate, manufacturing, agribusiness and investment services.  During his ten years at Wagner & Brown, Mr. Reed's major accomplishments included formation of an in-house investment-banking group, numerous investments and acquisitions with financing commitments in excess of $10 billion.  Mr. Reed was also a founding member of Ensource, Inc. a NYSE listed energy company and prior to that was a manager with Deloitte, Haskins & Sells.  Mr. Reed is a Certified Public Accountant with bachelor and master's degrees in accounting and has served on boards of directors of both public and private companies.

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.  It has regional headquarters in Carpinteria, California and corporate headquarters in Denver, Colorado.  Venoco operates three offshore platforms in the Santa Barbara Channel, has non-operating interests in three other platforms, and also operates two onshore properties in Southern California and approximately 110 natural gas wells in Northern California.

Statements made in this news release, including those relating to future growth and performance, drilling inventory, economic returns, development opportunities, production growth targets, cash flow, reserve base, and future results of operations and financial condition 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, ability to acquire properties that meet our objectives, the timing and extent of changes in oil and gas prices, changes in underlying demand for oil and gas, the timing and results of drilling activity, the availability of and cost of obtaining drilling equipment and technical personnel, delays in completing production, treatment and transportation facilities, higher than expected production costs and other expenses, pipeline curtailments by third-parties and failure to close pending acquisitions. Further information on risks and uncertainties is available 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 can be found at http://www.venocoinc.com/ 

DATASOURCE: Venoco, Inc.



CONTACT:  Mike Edwards, VP of Venoco, Inc., [phone], or cell,

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Web site:  http://www.venocoinc.com/ 

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