Venoco, Inc. today announced that Dr. M.W. Scoggins and Mr. Richard S. Walker were appointed to Venoco's board of directors. Dr. Scoggins is president of Colorado School of Mines, located in Golden, Colorado. Dr. Scoggins joined the School of Mines after 34 years in the oil and gas business. Mr. Walker has 24 years of corporate and investment banking experience, principally in the global energy sector and is currently Executive Vice President of DHR International, a global executive search firm.
"We are very pleased to announce that Dr. Bill Scoggins and Rick Walker have joined our board," said Tim Marquez, Venoco's chief executive officer and chairman of the board. "Dr. Scoggins' vast experience in the E & P sector adds a valuable perspective as does his involvement in education and emerging technology applicable to developing our diverse asset base. Rick's extensive investment banking experience will be invaluable to our growing company and his interaction with executives in his current career brings strategic value in identifying industry partners and opportunities."
The majority of Dr. Scoggins' career was with Mobil with assignments throughout the United States as well as in The Hague, Jakarta, Indonesia and London. He was President of International E & P and Global Exploration for Mobil in addition to being a member of Mobil's Executive Committee prior to its merger with Exxon in 1999. Following the merger, Dr. Scoggins served as Executive Vice President of ExxonMobil Production Company until his retirement in 2004.
Dr. Scoggins earned his undergraduate degree in Petroleum Engineering through the honors program at the University of Tulsa. He received his Master's degree from the University of Oklahoma and returned to the University of Tulsa for his Ph.D. in Petroleum Engineering.
Mr. Walker spent the majority of his banking career with JPMorgan and its predecessors as a Managing Director in that firm's Global Natural Resources Group where he originated M&A and strategic assignments, book-run equity and equity-linked securities, and he underwrote and arranged debt market transactions.
Mr. Walker is Executive Vice President and Managing Director with DHR International in Houston providing executive search services to energy companies, private equity firms and corporate and investment banking clients. He received his BBA from Loyola University - New Orleans and his MBA from Bowling Green State University.
About the Company
Venoco is an independent energy company engaged in the acquisition, exploration, exploitation and development of oil and natural gas properties in California and Texas. It has headquarters in Denver, Colorado and regional offices in Carpinteria, California and Houston, Texas. 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, has extensive operations in Northern California's Sacramento Basin and operates eighteen fields in the Texas Gulf Coast and South Texas.
Forward-looking Statements
Statements made in this news release relating to Venoco's future growth and development are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and the Company's future performance are both subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, the Company's ability to acquire properties that meet its objectives, the timing and extent of changes in oil and gas prices, changes in underlying demand for oil and gas, the timing and results of drilling activity, the availability of and cost of obtaining drilling equipment and technical personnel, delays in completing production, the availability of treatment and transportation facilities and higher than expected production costs and other expenses. Further information on risks and uncertainties is available in the Company's filings with the Securities and Exchange Commission, which are incorporated by this reference as though fully set forth herein.
For further information, please visit our website at http://www.venocoinc.com
Source: Venoco, Inc.
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