SOURCE: Venoco, Inc.

Venoco, Inc.

May 21, 2015 19:50 ET

Venoco, Inc. Provides Update on Impact on Operations From Plains All American Pipeline Incident

DENVER, CO--(Marketwired - May 21, 2015) - Venoco, Inc. ("Venoco", the "company", "we", or "us") today stated that production activities have been temporarily halted on Platform Holly at the South Ellwood field in the Santa Barbara Channel following the rupture of a common carrier pipeline operated and owned by Plains All American Pipeline, L.P. ("Plains") on May 19, 2015. Plains is not affiliated with Venoco and Plains owns and operates the affected pipeline completely independent from Venoco.

Oil produced from Venoco's Platform Holly and related facilities is sold to a third party before it enters the Plains pipeline at an onshore location together with oil produced by other offshore operators in the Santa Barbara Channel. Production from Venoco's other producing assets are not impacted by this disruption. Venoco continues to monitor the situation closely and it is uncertain at this time as to when Plains will be able to resume operations. Venoco will resume full operations when the Plains pipeline returns to service.

About the Company

Venoco is an independent energy company primarily engaged in the acquisition, exploitation and development of oil and natural gas properties primarily in California. Venoco operates three offshore platforms in the Santa Barbara Channel, has non-operated interests in three other platforms and operates onshore properties in Southern California.

Forward-looking Statements

This release contains certain forward-looking statements, including statements regarding the resumption of production from Platform Holly and annual maintenance activities at South Ellwood. All forward-looking statements are based on assumptions that Venoco believes to be reasonable. However, actual results almost always vary from assumed facts and the differences can be material, depending upon the circumstances. As a result, you should not place undue reliance on such forward-looking statements. The words "believe," "expect," "estimate," "anticipate" and similar expressions will generally identify forward-looking statements. All of Venoco's forward-looking statements, whether written or oral, are expressly qualified by the cautionary statements set forth in Venoco's filings with the SEC and any other cautionary statements that may accompany such forward-looking statements. In addition, Venoco disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.

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