Venoco, Inc. Releases Revised Production Guidance

Venoco, Inc. Releases Revised Production Guidance 


CARPINTERIA, Calif., June 16  /PRNewswire/ -- Venoco, Inc. (Bloomberg ticker:
552338Z US) today released revised guidance regarding its anticipated
production volumes for the 2nd quarter and for the year 2005.  The anticipated
2nd quarter 2005 average net production is currently expected to be
approximately 11,200 barrels of oil equivalent per day (BOE/D).  The company
had previously anticipated it would average approximately 12,500 BOE/D in the
quarter.

The change is due to a combination of factors.  In the first quarter Venoco
drilled the 3120-15RD4 well from its Platform Holly in the South Ellwood Field.
 This well was originally anticipated to be completed and to contribute
significant production volumes in the second quarter.  Due to completion
operations that are more extensive than originally anticipated, the well is now
expected to commence production in the third quarter.  Second, in June, during
a routine workover, Venoco experienced downhole mechanical problems in its
3242-18 well in the South Ellwood Field.  The well's average net production had
been approximately 1,300 BOE/D and is currently approximately 330 BOE/D. 
Venoco is evaluating various remedial plans to restore full production. 
Lastly, industry-wide demand for contract drilling and workover services has
delayed anticipated production increases.

C.E.O. Tim Marquez stated, "While we will miss the anticipated production from
these two wells for part of 2005, both wells should be producing at full
capacity this year.  The delay does however mean that we now expect our 2005
average net production will be approximately 12,000 BOE/D.  The delay should
not materially affect our total net reserves in place and we fully expect to
continue our recent trend of growing production volumes, developed from our
current asset base, well into the future."

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 working interests in three others,
and also operates two onshore properties in Southern California and
approximately 130 natural gas wells in Northern California.

Forward-Looking Statements

Statements made in this news release, including those relating to future gas
and oil production, and production growth targets and reserves 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, 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 other operational risks.
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,

[phone]



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

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