Venoco, Inc. (NYSE: VQ) has filed for a spin-off of a unit called VENOCO ACQUISITION Co. via an initial public offering that it has applied to take ticker "VAC" on the NYSE.
Venoco Acquisition Company, L.P. is a Delaware limited partnership formed on September 25, 2007 by Venoco, Inc. that was set up to acquire, exploit, develop and produce oil and natural gas properties.
This company has filed to sell 9.1 million units and has listed Lehman Brothers, Citigroup, and UBS as its underwriters. The underwriters also have listed 1.365 million units for the overallotment if they choose to sell extra shares.
The company’s assets have consisted primarily of mature oil and gas fields in coastal California and onshore in Texas. As of December 31, 2006, the Partnership Properties had estimated proved reserves of 21.2 MMBoe, of which 86.2% were oil and 81.1% were classified as proved developed. It also had a reserve-to-production ratio of 15.1 years. As of September 30, 2007, the Partnership Properties consisted primarily of working interests in 325 gross producing wells, with an average 38.5% working interest.
Jon C. Ogg
February 14, 2008
Find a Qualified Financial Advisor (Sponsor)
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.