Venoco, Inc. Releases Supplemental Schedule of First Quarter 2005 Oil and Gas Price Differentials

Venoco, Inc. Releases Supplemental Schedule of First Quarter 2005
Oil and Gas Price Differentials 


CARPINTERIA, Calif., May 16  /PRNewswire/ -- Venoco, Inc. (Bloomberg ticker:
552338Z US) today released a supplemental schedule of oil and gas production
and prices for the first quarter of 2005.  The schedule included in its May 13,
2005 press release calculated the oil price differentials utilizing first
quarter oil production and first quarter oil sales revenue.  Since actual
volumes produced does not always equal actual volumes sold in a given period
due to changes in produced but unsold crude oil inventories, the Company has
released the supplemental schedule set forth below.  The supplemental schedule
calculates the oil price differential utilizing first quarter volumes of oil
sold and first quarter oil sales revenue, thereby providing what the company
believes is a more useful differential for analysis of Venoco's prices received
for oil sales.  The supplemental schedule differs from the schedule included in
the press release on May 13, 2005 because it reflects the differential between
the $49.84 average NYMEX spot price per barrel of oil of $9.96 actually
received by the Company, as contrasted with a $13.52 differential set forth in
the press release on May 13, 2005.  The change also revises the net realized
price per barrel upwards to $36.33 per barrel from the previously reported
amount of $32.77 per barrel.

The schedule below also reflects adjustments for the first quarter of 2004 to
the NYMEX spot price differential and the realized price per barrel.  The oil
price differential for the first quarter of 2004 was adjusted to $4.71 from
$5.96 and the realized price per barrel was adjusted to $28.06 from $26.81.

   Oil and Gas Production and Prices

                                         Three Months Ended March 31 (1)

                                           2005         2004       Increase
                                                                  (Decrease)
   Production Volume
   Natural Gas (Mcf)                    1,885,576    1,355,983         39%
   Oil (Bbls)                             842,845      802,918          5%
   BOE                                  1,157,108    1,028,915         12%
   Daily Average Production Volume
   Natural Gas (Mcf/d)                     20,951       14,901         41%
   Oil (Bbls/d)                             9,365        8,823          6%
   BOE/d                                   12,857       11,307         14%
   Oil Price per Barrel Produced
    (in dollars)
   Average NYMEX spot price                $49.84       $35.15         42%
   Differential to NYMEX spot price         (9.96)       (4.71)       111%
   Realized hedging loss                    (3.55)       (2.38)        49%
   Net realized                            $36.33       $28.06         29%
   Natural Gas Price per Mcf
    (in dollars)
   Average NYMEX spot price                 $6.48        $5.73         13%
   Differential to NYMEX spot price          (.42)        (.28)        50%
   Realized hedging loss                     (.01)        (.33)       (97)%
   Net realized                             $6.05        $5.12         18%
   Average Sales Price per BOE             $36.14       $29.04         24%


   (1)  Production in 2005 includes Marquez Energy which was acquired in
   March of 2005.  Inclusion is due to the application of requirements for
   reporting combined statements for companies under common control.

   Bbl -- Barrel

   Mcf -- Thousand cubic feet

   BOE -- Barrel of oil equivalent (computed on an energy equivalent basis
          of six MCF equals one Bbl)


  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.

Statements made in this news release, regarding oil and gas prices are not
necessarily indicative of future prices.  Any number of factors could cause
future results to differ materially from those set forth herein.  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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