Venoco Inc (VQ)

[Kristallweizen]

Venoco, Inc. Announces 2008 Financial and Operational Results for Full-Year and Fourth Quarter

- Full-Year Operating Cash Flow up 32%

- Full-Year Production up 11%

- Quarterly Production Record of 22,674 BOE/d

- Pro Forma Reserve Replacement of 161%

DENVER, March 5 /PRNewswire-FirstCall/ -- Venoco, Inc. (NYSE: VQ) today reported financial and operational results for the fourth quarter and full-year 2008. Highlights for 2008 included the following:
-- Operating cash flow of $212 million, up 32% from $161 million in 2007.
-- Production of 7.9 million barrels of oil equivalent (MMBOE) for the
year or 21,674 BOE per day (BOE/d), up 11% from 7.1 MMBOE or 19,535
BOE/d for 2007.
-- Proved Reserves of 97.5 MMBOE as of December 31, 2008. Pro forma for
the sale of the Hastings Complex in early February 2009, Proved
Reserves were 89.8 MMBOE (a 13% increase from December 31, 2007 pro
forma reserves).
-- Adjusted EBITDA of $300 million, up 43% from $210 million for 2007.
-- Adjusted Earnings of $55 million, up 176% from $20 million for 2007.

http://investor.venocoinc.com/phoenix.zhtml?c=193733&p=irol-news2&nyo=0