Venoco, Inc. Announces Completion of CEO Transition
23 July 2012 - 9:03PM
Marketwired
Venoco, Inc. (NYSE: VQ) announced today that the planned promotion
of Ed O'Donnell to Chief Executive Officer will become effective
August 1, 2012. As of that date, the current CEO, Tim Marquez, will
become the Executive Chairman of the Board and will continue in an
active role directing the company's growth and acquisitions
strategy.
"As previously announced, we have been transitioning CEO
responsibilities to Ed since February and it has gone very
smoothly. For the past month, Ed has effectively been running the
company, quite successfully I would add," said Mr. Marquez who
founded Venoco twenty years ago. "Ed knows the assets extremely
well having overseen the Southern California properties for the
last five years and having originally joined us in 1997."
Mr. O'Donnell was promoted to Chief Operating Officer in January
of 2012 at which time the company announced a CEO succession plan.
Prior to that, beginning in 2007, he served as Senior Vice
President for Southern California Operations. 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 MS 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
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