Venoco Inc.

Denver-based Venoco Inc. (NYSE: VQ) revealed in an analyst presentation recently that the company is seeking a joint-venture partner to help develop its interest in the Monterey shale play in California, as well as a buyer for it interest in the Hastings complex in southeastern Texas. Venoco is targeting a position of 200,000 acres in the Monterey shale, estimated to hold 20 billion barrels of oil equivalent OOIP. Its goal is to sell approximately one-third of its interest for cash plus a carry on 15 to 20 wells, according to KeyBanc Capital Markets. The company also revealed it is marketing is remaining 25% interest in the Hastings complex in Brazoria County, Texas, a waterflood project. It hopes to raise $150 million to $200 million from these assets. One analyst believes the nearby Manvel oil field is a candidate for sale based on Venoco's comments.