Venoco’s Texas holdings are divided into two regions: the Hastings region and the South Texas region. The Hastings complex produces light, sweet crude while the South Texas fields produce a combination of oil and natural gas. These proved reserves are distributed among 17 fields and approximately 200 producing wells and a number of undeveloped locations. Venoco has an average working interest in these fields of 87.3 percent.

Venoco started a significant, focused workover program and re-completion program on existing wells throughout the Hastings Fields complex. As a result, Venoco has dramatically increased production form these operations. Significant upside potential lies in the company’s South Texas fields.