Venoco secures approval of sales to Chevron, Pacific Gas and Electric

By Caroline Salls

Pittsburgh, Dec. 4 – Venoco, LLC received court approval to sell 252.6 acres of property in Solano County, Calif., to Pacific Gas and Electric Co. for $1.55 million and to sell some of the assets of the company and Ellwood Pipeline, Inc. to Chevron U.S.A. Inc., according to orders filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The Solano County property being sold is referred to as Lang Tule Ranch.

Venoco said no auction was held, but Pacific Gas and Electric “made the best and highest offer after an open and comprehensive marketing and sales process.”

The assets being sold to Chevron include the companies’ Carpenteria plant, Carpenteria pier and other related assets. The sale is part of a court-approved settlement reached with Chevron.

Chevron agreed to pay $3.45 million for the assets and may elect to credit bid other secured claims it has in the Venoco bankruptcy cases.

Venoco is a Denver-based energy company. The company filed for bankruptcy on April 17, 2017 under Chapter 11 case number 17-10828.

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