Venoco, Inc. Reports Draft Environmental Impact Report Released on the South Ellwood Project
Posted on: Tuesday, 24 June 2008, 21:02 CDT
DENVER, June 24 /PRNewswire-FirstCall/ -- Venoco, Inc. today announced that the Draft Environmental Impact Report on Venoco's South Ellwood Full Field Development Project has been released by the California State Lands Commission.
"This is a significant milestone in the South Ellwood full field development and pipeline project," said Bill Schneider, President. "We'll now be focused on the project approval hearings which commence later this year."
The project would allow for the development of the full areal extent of the South Ellwood Field. The entire field is estimated to have approximately 2.1 billion barrels of original oil in place with slightly more than half of that within the undeveloped area. With today's extended-reach drilling technology, the entire field can be developed using the existing platform. The project includes installing an approximately 10-mile long pipeline to tie into an existing common-carrier pipeline which will allow the existing barging operation to be discontinued.
The Draft EIR will be available on the State Lands' website which is http://www.slc.ca.gov/.
Venoco is an independent energy company primarily engaged in the acquisition, exploitation and development of oil and natural gas properties in California and Texas. Venoco operates three offshore platforms in the Santa Barbara Channel, has non-operated interests in three other platforms, operates four onshore properties in Southern California, has extensive operations in Northern California's Sacramento Basin and operates eighteen fields in Texas.
Forward-looking Statements
Statements made in this news release relating to further developments in the permitting process for the full field development project and expected operational aspects of the project 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 are subject to a wide range of risks and uncertainties and there is no assurance that management's expectations can or will be met. Relevant risks include the possibility that required governmental approvals will not be received when the company expects or at all, or will be made subject to burdensome conditions. In addition, the project itself will be subject to all of the risks normally associated with the development of oil and gas projects, including those described in the company's filings with the Securities and Exchange Commission, which are incorporated by this reference as though fully set forth herein.
Venoco, Inc.
CONTACT: Mike Edwards, Vice President of Venoco, Inc., +1-303-626-8320,investor@venocoinc.com
Web site: http://www.venocoinc.com/http://www.slc.ca.gov/
Source: PRNewswire-FirstCall
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