UPDATE 1-Venoco says MMS moratorium not to hurt FY production

* Plans to drill 100 wells in Sacramento basin

* Says Sockeye field re-drill delayed due to moratorium

June 7 (BestGrowthStock) – Oil and natural gas company Venoco Inc
(VQ.N: ) said it does not expect the six-month moratorium imposed
on new offshore drilling beyond 500 feet by the U.S. Minerals
Management Services to hurt its full-year production forecast.

In May, the U.S. government ordered a temporary halt to
drilling at 33 deepwater exploration rigs and extended the ban
on new drilling deeper than 500 feet by six months as part of a
broader response to the Gulf of Mexico oil spill.
[ID:nLDE64R00P] In April, Denver-based Venoco said it expected
production of 19,250 barrels of oil equivalent per day. The
company plans to drill at least ten wells in 2010 to delineate
its onshore Monterey shale prospects and has plans to drill
about 100 wells in the Sacramento basin.

However, Venoco said its re-drill plans at Sockeye field,
which is offshore California, will be delayed due to the
moratorium.

Shares of Venoco closed at $14.61 Monday on the New York
Stock Exchange.

Investment Research

(Reporting by Thyagaraju Adinarayan in Bangalore; Editing by
Anne Pallivathuckal)

UPDATE 1-Venoco says MMS moratorium not to hurt FY production