2Q 2011 Results & Revised Guidance Venoco, Inc. 8/2/11 PRODUCTION Region Quarter Ended Six Months Ended 6/30/10 3/31/11 6/30/11 6/30/10 6/30/11 Sacramento Basin 9,864 10,591 10,217 9,840 10,403 Southern California 7,744 7,224 7,343 8,014 7,284 Existing Operations 17,608 17,815 17,560 17,854 17,687 Texas (1) 582 - - 929 - Total 18,190 17,815 17,560 18,783 17,687 FINANCIAL Quarter Ended Six Months Ended UNAUDITED (per BOE) 6/30/10 3/31/11 6/30/11 6/30/10 6/30/11 Lease Operating Expenses $ 13.65 $ 13.52 $ 13.14 $ 12.78 $ 13.33 Production/Property Taxes 0.82 0.97 0.90 1.05 0.93 DD&A Expense 11.32 13.53 13.59 11.39 13.56 G&A Expense (2) 5.10 5.22 4.70 4.93 4.96 Interest Expense (3) 9.39 10.17 10.37 9.07 10.27 Total $ 40.28 $ 43.41 $ 42.70 $ 39.22 $ 43.05 (1) The company sold its producing Texas assets in a series of transactions during 2009 and 2010. (2) Net of amounts capitalized and excluding stock-based compensation costs and severance costs associated with the sale of Texas assets. See the end of the accompanying release for a reconciliation of these amounts to GAAP G&A per BOE. (3) Includes interest expense, realized (gain) loss on interest rate swap and amortization of deferred loan fees. In connection with the repayment of the company’s second lien term loan, the company settled interest derivative swaps in February 2011 for $38.1 million, resulting in a significant realized interest rate derivative loss for Q1 2011. For purposes of the above per BOE metric, the settlement cost of $38.1 million was excluded from the calculation of interest expense. (4) Net of amounts capitalized and excluding stock-based compensation. * See disclosure at the end of the accompanying release regarding resource potential estimates. Full-year 2011 Guidance Revised Original Production 18,500 BOE/day 19,500 BOE/day Lease Operating Expenses $13.50 per BOE $14.25 per BOE Production/Property Taxes $1.00 per BOE $1.20 per BOE DD&A Expense $13.00 per BOE $13.00 per BOE G&A Expense (4) $4.75 per BOE $4.75 per BOE Capital Expenditures $200 million $200 million Sacramento Basin Forbes Formation Drilled ~100 wells on 10-acres spacing 450+ engineered locations on 20-acre or greater spacing 150+ identified 20-acre locations 1,000+ additional 10-acre locations 1,600 total drilling locations (~800 Bcf reserve potential) Guinda Formation Willows resource potential 600 Bcf on about 900 locations* Grimes resource potential 260 Bcf on almost 400 locations* Monterey Operations Update Current acreage position = 214,000 net acres 1 rig currently drilling delineation well in Sevier Sourcing additional rigs Corporate Oil Pricing 1H11 oil realization $6/BO below WTI (est. $5.00 for full year) (improved from $10/BO below in 2010) 55% of current production tied to WTI (contracts expire in March 31, 2012) Expect 2012 differential to be +$7/BO over WTI Southern California Operations Update 1 rig currently drilling well to offshore location at W. Montalvo