DENVER, CO --(Marketwired - April 29, 2015) - Venoco, Inc. ("Venoco," the "company," "we," or "us") today announced that Scott Pinsonnault was named Chief Financial Officer, a position he had held on an interim basis since November, 2014. Prior to joining the company as interim Chief Financial officer, Mr. Pinsonnault was Managing Director with Opportune LLP's ("Opportune") Energy Practice. The change is effective May 1, 2015.
"It has been a pleasure to work with Scott on a contractual and consultancy basis these past several months," said Mark DePuy, Venoco's Chief Executive Officer. "He was instrumental in our financing transactions earlier this month, and has built a solid relationship with our executives and staff. We are delighted that he will be with us on a full-time basis."
In one of his first tasks as interim Chief Financial Officer, Mr. Pinsonnault successfully arranged the financing of $250 million in new first lien senior secured notes and cash secured senior term loans, which also resulted in the full repayment of the revolving credit facility.
"Scott has an exceptional command over the financial aspects of our business and is well qualified to lead our financial activities going forward. But I am also impressed with his experience as a geologist earlier in his career," Mr. DePuy added. "As a former geoscientist, Scott and I speak the same language, which is the same language as the technical and operational staff that form the backbone of our business."
"This is an exciting opportunity -- Venoco is a dynamic company with a solid asset base, and though our industry is in a tumultuous period, it is also ripe with opportunity," commented Mr. Pinsonnault. "I leave behind a close group of colleagues at Opportune whom I will miss, but I take with me valuable experience and knowledge, which will serve me well for the challenges and opportunities that are ahead at Venoco."
Mr. Pinsonnault has 17 years of oil and gas operating and financial experience, and also has a technical background that includes five years of geologic, operational, and engineering experience.
Mr. Pinsonnault has served in a variety of senior financial leadership roles, including Chief Restructuring Officer for two oil and gas companies; managing director in charge of oil and gas lending for a European bank; and as vice president for an oil and gas private equity fund. Mr. Pinsonnault also currently serves on the board of directors of a publicly traded oil and gas exploration and production company based in Texas.
About the Company
Venoco is an independent energy company primarily engaged in the acquisition, exploitation and development of oil and natural gas properties primarily in California. Venoco operates three offshore platforms in the Santa Barbara Channel, has non-operated interests in three other platforms and operates onshore properties in Southern California.
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