Venoco Selling Oxnard Oil Field for $200 Million
Venoco announced in a quarterly report that it plans to sell its West Montalvo oil field — an Oxnard facility acquired in 2007 that accounts for about 20 percent of the company’s production — for $200 million; the transaction is expected to conclude in October pending approval from the State Lands Commission. The energy company declined to comment on who purchased the field but stated the sale will enable Venoco to “pay down a significant amount of our revolving credit facility debt” and turn its attention to its offshore Sockeye field, also near Oxnard. According to government relations manager Steve Greig, Venoco aims to connect all of the field’s employees with jobs at the new company or at other Venoco sites. The sale comes after Venoco laid off 10 percent of its workforce in June and in the midst of its search for a new CEO.