Venoco, an independent oil and natural gas exploitation and development company, has announced that Timothy Brittan has resigned from its board of directors.
Mr Brittan is president of Infinity Oil & Gas, an exploration and production company, and joined the Venoco board in 2003.
Mr Brittan’s resignation was prompted by ongoing discussions Venoco is having with Infinity about potential transactions. It is reported that these discussions impaired Mr Brittan’s ability to continue as an independent director on Venoco’s board.
Tim Marquez, founder, chairman and CEO of Venoco, said: It is with regret that I accepted Tim’s resignation. Tim has been a big contributor to Venoco through a time of dramatic transformation. Tim was a member of the board that resolved shareholder issues that constrained growth, then reorganized the management team and eventually launched our initial public offering in 2006.