Venoco Files for Bankruptcy

U.S. petroleum company Venoco Inc filed for Chapter 11 bankruptcy protection on Friday, joining more than 40 energy-related firms that have sought court protection from creditors since oil prices started plummeting 18 months back.

Denver, Colorado based-Venoco listed assets worth between $100 million and $500 million and liabilities of between $500 million and $1 billion.

Venoco, which was taken private in 2012, said on Feb. 16 that it was discussing debt restructuring options with its secured lenders after missing a $13.7 million interest payment on senior unsecured notes.

At the time, the company said it had enough liquidity to continue normal operations, but that declining oil prices and a pipeline closure were presenting "significant challenges."

The oil and gas exploration and production company said the shuttered pipeline had cut its output by more than 50 percent.

Venoco's main assets are oil-related and are located both onshore and offshore in southern California. It had 158 employees at the end of 2014.

The case is in U.S. Bankruptcy Court, District of Delaware, Case No: 16-10655.

Reporting by Tracy Rucinski