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Former Venoco Director Joel Reed Returns to the Fold

Posted on: Tuesday, 6 September 2005, 18:01 CDT

Sep. 2--Joel L. Reed, a former Venoco director, has rejoined the board of the Carpinteria oil and gas producer after three years away.

Mr. Reed is a founder and principal of Relational Group and its affiliates Relational Advisors and Relational Investors, and Titan Investment Partners.

Before founding these firms, he was president and chief executive officer of Wagner & Brown Ltd. of Midland, Texas, a privately owned group of companies in the energy, real estate, manufacturing, agribusiness and investment services.

Venoco, which now is based in Denver but has its regional headquarters in Carpinteria, also has hired former Unocal engineer Mark DePuy as vice president of northern assets to replace Greg Schrage, who has been named vice president of asset development.

"A great benefit to hiring Mark for our Northern Assets is to allow Greg Schrage to emphasize his extensive drilling and development experience throughout the company," Tim Marquez, Venoco CEO and chairman of the board, said in a release. "We have an aggressive capital budget for the second half of 2005 and on through 2006, which Greg will now be able to focus on implementing."

Mr. Schrage will be responsible for developing properties offshore and onshore.

Venoco reports it currently has five drilling rigs running and anticipates having up to seven at one time during 2006.

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Source: Santa Barbara News-Press

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