Venoco’s Texas holdings are in two main regions: the Hastings/Manvel area and the South Texas area which combined comprise 13 fields. Venoco sold certain interests in the Hastings Complex in February 2009 to Denbury resources, but, in addition to deep rights, retained an ORRI on production and a reversionary interest once Denbury implements a successful CO2 flood. The Hastings/Manvel area produces light, sweet crude oil while the South Texas fields produce a combination of oil and natural gas.

Venoco implemented a significant, focused workover and recompletion program on wells in the Hastings complex and nearly doubled daily production volumes between 2006 and year-end 2008. Venoco is applying that experience in the nearby Manvel field as well as other optimization projects in other Texas fields. The company believes additional upside exists in its South Texas fields.