Venoco, Inc. is an independent energy company primarily engaged in the acquisition, exploration, exploitation and development of oil and natural gas properties with a focus on properties offshore and onshore California and the Gulf Coast of Texas. The Company’s principal properties are located both onshore and offshore Southern California, onshore in California's Sacramento Basin and onshore along the Gulf Coast of Texas. The Coastal California property consists of South Ellwood, Santa Clara Federal Unit, West Montalvo and Dos Cuadras. The Sacramento Basin property includes Greater Grimes and Willows. The Texas property comprises Manvel Constitution and South liberty. At December 31, 2007, Venoco had proved reserves of approximately 97.5 million barrels of oil equivalent (MMBOE), of which 60% were oil and 54% were proved developed. Its average net production was 22,674 BOE/day. In February 2009, the Company completed the sale of its Hastings Complex to Denbury Resources Inc.