Venoco to acquire TexCal Energy

April 4, 2006
Venoco Inc., Denver, is to acquire California and Texas producer TexCal Energy LLC for $456 million.

By OGJ editors
HOUSTON, Apr. 4 -- Venoco Inc., Denver, is to acquire California and Texas producer TexCal Energy LLC for $456 million.

The two companies were the most active drillers in the Sacramento basin in 2005. TexCal also owns and operates giant Hastings field in East Texas, where Venoco sees a significant redevelopment opportunity, and several other Texas fields.

TexCal's 2005 yearend reserves were 31.4 million boe. TexCal drilled 18 wells in Sacramento in 2005, boosting output to 17.8 MMcfd in the fourth quarter. Its acreage is in the Grimes area.

Venoco drilled 21 wells reworked or recompleted 42 wells in the basin in 2005.