On April 17, Venoco LLC and its affiliates announced it filed for bankruptcy under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Venoco’s assets will be sold or wound down.
Affiliates are TexCal Energy (LP) LLC, Whittier Pipeline Corp., TexCal Energy (GP) LLC, Ellwood Pipeline Inc. and TexCal Energy South Texas LP (collectively, Venoco).
“Today’s filing is the result of unfortunate circumstances impacting the company’s financial strength, including the ongoing closure of Plains All American Pipeline’s Line 901,” said Mike Wracher, Venoco’s COO. “We have pursued a number of market-based and regulatory solutions to address these challenges during the last year. Despite these considerable efforts, our financial position now compels us to take this action.”
Venoco—which Wracher said had become a provider of locally produced energy to California residents—had quit-claimed its leases in the South Ellwood Field back to the state prior to bankruptcy, beginning the decommissioning process, the press release said.
Venoco and the State Lands Commission executed a reimbursement of temporary services agreement for Venoco to maintain the South Ellwood Field assets until the state designates another operator to manage asset safety and security throughout the decommissioning process.
The company, working with regulators and stakeholders, will conduct business as usual.
The claims and noticing agent is Prime Clerk LLC, and the press release also said more information is available at Venoco’s website.
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