3 Aug 2010quarterly activities report● Neutral
Venoco, Inc. reported quarterly revenue of $70.1 million and net income of $3.7 million for the period ended 2010-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 July 2010substantial holder notice● Neutral
Timothy Marquez, Bernadette Marquez, Marquez Trust, Timothy and Bernadette Marquez Foundation reported a Venoco, Inc. shareholding of 31,527,476 shares (57.90% of votes) in a periodic institutional filing.
12 July 2010substantial holder notice● Neutral
Gilder, Gagnon, Howe & Co. LLC disclosed a new substantial Venoco, Inc. shareholding (8.70% of votes).
20 May 2010asset acquisition disposition● NeutralMajor
Venoco sold all its producing Texas properties in deals closing April 29, April 30 and May 14, 2010, including its Hastings overriding royalty (bought by Denbury), its Manvel field interests and Gulf Coast properties; the last Gulf Coast sale is expected by June 18, 2010. Net proceeds are expected to be about $103.5 million, and pro forma figures assume $71.7 million goes to the revolver and $31.6 million to the second lien loan. Venoco keeps its 22.3% reversionary working interest in Hastings, and no gain or loss is booked.
29 Apr 2010securities registration● Neutral
Venoco, Inc. registered a securities offering with the SEC using its shelf eligibility.
5 Mar 2010substantial holder notice● Neutral
Timothy Marquez, Bernadette Marquez, Marquez Trust, Timothy and Bernadette Marquez Foundation reported a Venoco, Inc. shareholding of 32,271,532 shares (60.60% of votes) in a periodic institutional filing.
30 Dec 2009securities registration● Neutral
Venoco, Inc. filed the final prospectus for a registered offering.
29 Dec 2009business combination● Neutral
On Dec 29, 2009 Venoco filed Amendment No. 1 to its registration statement for the exchange of its 11.50% senior notes due 2017. It is a continuation of the Dec 8 filing with the same $150 million offer; from the text shown it adds no new commercial terms (the page numbers shift slightly, and the registration fee is marked as previously paid).
23 Dec 2009material agreement▲ GoodMajor
On Dec 21, 2009 Venoco entered a third amended and restated credit agreement for its revolving credit facility, extending maturity to January 15, 2013 (from March 30, 2011), adding defaulting lender provisions and allowing up to $10 million of investment through unrestricted subsidiaries. The filing gives no borrowing base figure, and the bank group listed is different from the earlier one.
8 Dec 2009business combination● Neutral
On Dec 8, 2009 Venoco filed a registration statement to exchange the $150 million of 11.50% senior notes due 2017 for identical notes registered with the SEC, as the October registration rights agreement required. No new money is raised and the terms are the same apart from transfer restrictions and registration rights; the offer's expiry date is left blank.
7 Oct 2009debt financing● NeutralMajor
On Oct 7, 2009 Venoco sold $150 million of 11.50% senior notes due 2017 and deposited $159.8 million (net proceeds of $141.0 million plus $18.8 million of revolver borrowings) to discharge its 8.75% notes due 2011, which will be redeemed Dec 15, 2009 at 102.188%. This completes the refinancing flagged on Sept 29; the new notes carry a higher stated rate (11.50% versus 8.75%) and are unsecured, ranking behind the secured revolver and term loan. Venoco must offer to swap them for registered notes within 180 days.
30 Sept 2009material agreement● NeutralMajor
On Sept 29, 2009 Venoco amended its revolving credit facility (eighth amendment) so it can issue new senior notes and pay off its existing 8.75% notes due 2011 with the proceeds. A press release says it plans a private offering of $150.0 million of senior unsecured notes due 2017, with revolver borrowings also used. This starts the refinancing of the 2011 notes.
23 June 2009material agreement● Neutral
On June 18, 2009 Venoco signed a seventh amendment to its revolving credit facility, mainly changing the interest rate on borrowings. The borrowing base stays at $125.0 million, which is lower than the $200 million set in the May 2008 amendment (the filing does not say when or why it changed). The filing does not give the new rate.
11 May 2009substantial holder notice● Neutral
Wellington Management Company, LLP reported a Venoco, Inc. shareholding of 160,200 shares (0.31% of votes) in a periodic institutional filing.
10 Mar 2009substantial holder notice● Neutral
Timothy Marquez, Bernadette Marquez, Marquez Trust, Timothy and Bernadette Marquez Foundation reported a Venoco, Inc. shareholding of 32,047,753 shares (62.20% of votes) in a periodic institutional filing.
9 Mar 2009substantial holder notice● Neutral
Venoco, Inc reported a Venoco, Inc. shareholding of 1,851,473 shares (25.50% of votes) in a periodic institutional filing.
2 Mar 2009substantial holder notice● Neutral
Venoco, Inc disclosed a new substantial Venoco, Inc. shareholding (22.70% of votes).
25 Feb 2009substantial holder notice● Neutral
Timothy Marquez, Bernadette Marquez reported a Venoco, Inc. shareholding of 31,236,431 shares (60.60% of votes) in a periodic institutional filing.
10 Feb 2009substantial holder notice● Neutral
Morgan Stanley I.R.S. #, FrontPoint Partners LLC I.R.S. # reported a Venoco, Inc. shareholding of 822,979 shares (1.60% of votes) in a periodic institutional filing.
6 Feb 2009asset acquisition disposition● NeutralMajor
On Feb 2, 2009 Venoco closed the sale of its principal interests in the Hastings Complex (Brazoria County, Texas, about 4,600 net acres) to a Denbury Resources subsidiary for about $196.1 million, with a further $4.9 million for surface land and equipment to follow later. This completes the Denbury Hastings arrangement from earlier filings; Venoco keeps a continuing interest and a reversionary interest in Denbury's enhanced recovery project. The pro forma figures assume $100 million of revolver is repaid and $5 million of the second lien loan, and no gain or loss is booked on the sale.
26 Jan 2009substantial holder notice● Neutral
Timothy Marquez, Bernadette Marquez, Marquez Trust, Timothy and Bernadette Marquez Foundation disclosed a new substantial Venoco, Inc. shareholding (59.10% of votes).
12 Jan 2009substantial holder notice● Neutral
Wellington Management Company, LLP reported a Venoco, Inc. shareholding of 2,812,450 shares (5.46% of votes) in a periodic institutional filing.
29 Dec 2008material agreement▲ GoodMajor
On Dec 23, 2008 Venoco bought back the 51-acre Carpinteria bluffs property from Carpinteria Bluffs, LLC (an affiliate of the CEO) for $5.3 million, reversing the 2006 dividend of that land to the Marquez Trust. The option on the adjacent ten acres, the ground lease and the development agreement were terminated, which removes the two-acre consolidation right. Venoco says it has plans for a drilling project from the property and may donate part as public open space to get approvals.
10 Dec 2008material agreement▲ Good
On Dec 9, 2008 the Marquez Trust paid Venoco $949,249.67, the profit deemed realized under the short-swing trading rule (Section 16(b)) from a Dec 8, 2008 purchase of 750,000 shares at $2.80 and July 14, 2008 sales of 44,945 shares at about $24.00. The money goes to the company.
20 Aug 2008auditor change● Neutral
On Aug 15, 2008 Venoco's audit committee replaced Deloitte & Touche with Ernst & Young as auditor, starting with the 2008 year. Deloitte's 2006 and 2007 reports were clean and there were no disagreements, but Deloitte had told the company of material weaknesses in internal control over financial reporting during 2006. The filing gives no reason for the change.
12 May 2008material agreement▲ Good
On May 9, 2008 Venoco amended its revolving credit facility: the borrowing base rises to $200.0 million (from $125.0 million set in May 2007) and the maturity is extended to March 30, 2011. The maximum debt to EBITDA ratio is raised to 4.0 to 1.0, and the EBITDA to interest and PV-10 to debt covenants are eliminated.
10 Mar 2008substantial holder notice● Neutral
Wellington Management Company, LLP reported a Venoco, Inc. shareholding of 5,954,785 shares (11.83% of votes) in a periodic institutional filing.
14 Feb 2008substantial holder notice● Neutral
Morgan Stanley I.R.S. #, FrontPoint Partners LLC I.R.S. # disclosed a new substantial Venoco, Inc. shareholding (5.60% of votes).
14 Feb 2008substantial holder notice● Neutral
Wellington Management Company, LLP reported a Venoco, Inc. shareholding of 2,694,600 shares (5.35% of votes) in a periodic institutional filing.
14 Feb 2008substantial holder notice● Neutral
Timothy Marquez, Bernadette Marquez, Marquez Trust reported a Venoco, Inc. shareholding of 29,094,032 shares (57.80% of votes) in a periodic institutional filing.