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Energy

Tale of Two Small-Cap Oil Companies (VQ, DNR, CRED)

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By Douglas A. McIntyre Published
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Venoco, Incorporated (NYSE:VQ) announced this morning that it will cut its capital spending in 2009 to $150 million. As recently as last November, Venoco had planned to spend $400 million on capex in 2009.

Last July, the company withdrew a planned IPO that would haveestablished an E&P master limited partnership. Venoco is alsotrying to complete the sale of about 18.4 million barrels of oilequivalent to Denbury Resources, Inc. (NYSE:DNR). Venoco expects torealize $150 million from the sale, which the company plans to use toreduce outstanding debt.

In other energy news, CREDO Petroleum Corporation (NASDAQ:CRED) issueda pat-itself-on-the-back press release this morning. The Denver Posthas named CREDO as the top performing energy stock in Colorado for 2008.

Let’s see, CREDO stock closed at $9.87/share on January 2, 2008, and at$8.42/share on December 31, 2008. That’s a drop of about 15%. Thingsmust be tougher than we thought in Colorado.

Paul Ausick
January 12, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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