Venoco Inc.

Venoco is an independent energy company of approximately 400 employees 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 15 fields in Texas.

We take pride in our operations — stressing safety, environmental awareness and production. We also believe it is important to be part of the communities in which we operate — we share our neighbors' concerns about a clean environment and strive to work in an environmentally sensitive manner. Whether it is walking the beach with our families or enjoying the Sutter Buttes, we know that compliance with the numerous health, safety and environmental regulations benefits us all.

Another way we are involved in the communities is through volunteerism and support of the non-profit organizations in the communities in which we work and prosper. We've formed Venoco Community Partnerships, in our main regions, comprised of local Venoco employees who review requests for Venoco involvement and support. Our employees, have biked hundreds of miles, run marathons, flipped burgers, baked cookies, worked phones collecting donations, coached softball teams, set up tents, judged pie-baking contests, given hard-earned money, represented "at-risk" kids in court, granted wishes, made and delivered bouquets to the infirm, handed out water to runners, and waited tables, all to support charitable causes.

Venoco was founded in 1992, so we have had experience with previous downturns. During this recession we will continue to focus on our core strengths — efficiently acquiring and developing long lived fields. In some ways, the current environment, despite its many challenges, presents greater opportunities for us than the high commodity price environment that existed nine months ago.

We are constantly looking at ways to hire and retain the best, most skilled people. We have a reputation for moving quickly and adjusting to rapid change. We have an excellent benefit package and continuously monitor the salary and benefit packages to ensure our total compensation and benefits package is well positioned within the industry. We offer ongoing training in order to provide our best asset, our people continued growth and advancement opportunities.