Venoco, Inc. Promotes O'Donnell to COO and Announces CEO Succession Plan
DENVER, CO -- (MARKET WIRE) -- 01/17/12 -- Venoco, Inc. (VQ) announced today that it has promoted Ed O'Donnell to Chief Operating Officer and that it has formalized a succession plan whereby, Tim Marquez, founder of the company, plans to step down as CEO in the third quarter of this year. At that time, Mr. Marquez will become Executive Chairman of the Board and will continue in an active role directing the company's growth and acquisitions strategy while Mr. O'Donnell will become the new CEO.
"We are very excited to have Ed take over responsibility for the company's entire operations," said Mr. Marquez. "I have worked with Ed for more than 30 years and he has been responsible for the company's key oil assets for the better part of 15 years. He has been actively involved over the years in all of the company's operations, from mid-continent and Rockies assets to our Sacramento Basin fields. Ed's many years on the board of directors further immersed him in our corporate and financial operations. In addition to that experience, he brings an extensive educational background in both engineering and business."
"I look forward to being able to focus a much greater percentage of my time on growth opportunities for the company through acquisitions, partnerships and exploration. We are very fortunate to have a strong base of oily, long-lived, low-decline properties in Southern California with predictable production and solid cash flows that provide a steady platform for pursuing these other opportunities."
Mr. O'Donnell has served as Senior Vice President for Southern California Operations since 2007. He originally joined Venoco in 1997 as Vice President of Development, after which he was promoted to Vice President of the offshore business unit. Mr. O'Donnell has served two terms on the board and served as President of the company's domestic division from 2001 to 2002.
Prior to joining Venoco, Mr. O'Donnell worked for Unocal for more than 20 years, including four years in corporate planning and more than ten years in operations management. At Unocal, he managed onshore and offshore assets in California, Alaska and West Texas. Mr. O'Donnell has a BS in Petroleum Engineering from Montana Tech, an M.S. in Petroleum Engineering from the University of Southern California and an MBA from Pepperdine University. He has been a member of the Society of Petroleum Engineers as well as the American Petroleum Institute.
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, operates three onshore properties in Southern California, and has extensive operations in Northern California's Sacramento Basin.
For further information, please contact Mike Edwards Vice President (303) 626-8320 http://www.venocoinc.com E-Mail Email Contact
Source: Venoco, Inc.