The aggregate proceeds for the three transactions are approximately $100m net of closing costs. The transactions are subject to customary closing conditions. Closings are expected to occur between April and mid-May.
The company will retain its 22.3% reversionary working interest in the Hastings field. Venoco sold this field to Denbury Resources in February 2009 for approximately $200m. Denbury is in the process of completing a pipeline to supply CO2 to flood the Hastings field and the pipeline is expected to be completed by year-end.
Tim Marquez, chairman and CEO of Venoco, said: “We are very pleased with the level of interest in these assets and with the value we’ll receive. We will now redeploy capital to concentrate on our very exciting opportunities in California.”
Venoco is engaged in the acquisition, exploitation and development of oil and natural gas properties primarily in California.
