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Exhibit 10.14  

 
 

EMPLOYMENT AGREEMENT    
    

        This Employment Agreement ("Agreement") is entered into effective as of March 19, 2007 by and between Venoco, Inc., a Delaware corporation
("Company"), and Timothy A. Ficker ("Employee"). 

        WHEREAS,
the Company desires to employ Employee as its Chief Financial Officer and Employee desires to accept such employment; 

        NOW,
THEREFORE, in consideration of the mutual covenants, representations, warranties, and agreements contained herein, and for other valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties agree as follows: 

        1.     Employment. The Company hereby employs Employee effective March 19, 2007 and Employee hereby accepts employment by
the Company. Employee shall assume the title and responsibilities of Chief Financial Officer of the Company immediately following the filing by the Company of its Form 10-K for
2006. Employee's employment shall be on the terms and conditions set forth in this Agreement. 

        2.     Term of Employment. Subject to the provisions for earlier termination provided in the Agreement, the term of this
Agreement (the "Term") shall commence on the effective date of this Agreement as stated above and shall terminate on December 31, 2008; provided,
however, commencing on January 1, 2008 and on each January 1 thereafter, the term of this Agreement shall automatically be extended one additional year unless,
not later than September 30 of the preceding year, the Board of Directors of the Company (the "Board") shall give written notice to Employee that the Term of the Agreement shall cease to be so
extended; provided, further, that if a Change in Control, as defined in Section 8, shall have occurred during the original or extended Term of
this Agreement, the Term shall continue in effect for a period of not less than 36 months beyond the date of such Change in Control. In no event, however, shall the Term of this Agreement
extend beyond the end of the calendar month in which Employee's 65th birthday occurs. Notwithstanding any provision of this Agreement to the contrary, termination of this Agreement shall not alter or
impair any rights or benefits of Employee (or Employee's estate or beneficiaries) that have arisen under this Agreement on or prior to such termination, including, without limitation, the provisions
of Sections 9(c), 15 and 18. 

        3.     Employee's Duties. During the Term of this Agreement, Employee shall serve as the Chief Financial Officer of the Company,
based in Denver, Colorado, and with such customary duties and responsibilities as may from time to time be assigned to him by the President, Chief Executive Officer and the Board, provided that such
duties are at all times consistent with the duties of such position. 

        Employee
agrees to devote reasonable attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the duties and
responsibilities assigned to Employee hereunder, to use reasonable best efforts to perform faithfully and efficiently such duties and responsibilities. 

        4.     Base Compensation. For services rendered by Employee under this Agreement, the Company shall pay to Employee a base salary
("Base Compensation") of $220,000.00 per annum, payable in accordance with the Company's customary payroll practice for its executive officers. The amount of Base Compensation shall be reviewed
periodically and may be increased to reflect inflation or such other adjustments as the Board may deem appropriate but Base Compensation, as increased, may not be decreased thereafter. 

        5.     Annual Bonuses. Employee shall be eligible to participate in the Company's incentive compensation plan; under which cash
bonuses are paid to employees based upon the performance of both the Company and the employee. The target annual bonus for the position of Chief Financial 

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Officer
shall be 45% of Base Compensation. The annual bonus award will be determined by the Company's Compensation Committee each year for performance during the prior year and paid on April 1
of the year in which it is determined. The amount of the bonus shall be based on performance of the Employee and the Company as measured against goals established by the Compensation Committee. 

        6.     [intentionally
left blank] 

        7.     Additional Benefits. In addition to the other compensation and benefits provided for in this Agreement, Employee shall be
entitled to receive all fringe benefits and perquisites offered by the Company to its executive officers. Such benefits shall include, without limitation, four weeks paid vacation per year;
participation in the Company's 401(k) Plan; participation in other incentive and benefit plans offered generally to key employees; participation in various employee benefit plans or programs
provided to the employees of the Company in general, subject to the regular eligibility requirements with respect to each of such benefit plans or programs; and such other benefits or prerequisites as
may be approved by the Board during the Term of this Agreement. Nothing in this paragraph shall be deemed to prohibit the Company from making any changes in any plans, programs or benefits described
in this Section 7, provided the change similarly affects all executives of the Company similarly situated. 

        8.     Change in Control. 

        For
purposes of this Agreement, a "Change in Control" shall mean the occurrence of one of the following events: 

        (i)    Any
"person" (as such term is used in Section 13(d) and 14(d) of the Exchange Act) other than Timothy M. Marquez, Bernadette B. Marquez, their
respective legal representatives, devisees, donees and heirs and any Trust for the benefit of either or both of Timothy M. Marquez and Bernadette B. Marquez and/or the issue of either of them (the
"Marquez Family") becomes a "beneficial owner" (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of securities of the Company
representing more than 50% of the combined voting power of the Company's then outstanding securities, or the outstanding securities of a successor entity in the event of a business combination between
the Company and another entity; provided that for purposes of this paragraph a "person" shall not include the entity with which the Company may consummate a business combination; 

        (ii)   the
stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially
all of the Company's assets. For purposes of this clause (ii), the term "the sale or disposition by the Company of all or substantially all of the Company's assets" shall mean a sale or other
disposition transaction or series of related transactions (other than transactions related to the creation of a master limited partnership or royalty trust in which the Company continues its corporate
existence), involving assets of the Company or of any direct or indirect subsidiary of the Company (including the stock of any direct or indirect subsidiary of the Company) in which the value of the
assets or stock being sold or otherwise disposed of (as measured by the purchase price being paid therefor or by such other method as the Board determines is appropriate in a case where there is no
readily ascertainable purchase price) constitutes more than two-thirds of the "fair market value of the Company" (as hereinafter defined). For purposes of the preceding sentence, the "fair
market value of the Company" shall be the aggregate market value of the Company's outstanding common stock (on a fully diluted basis) plus the aggregate market value of the Company's other outstanding
equity securities. The aggregate market value of the Company's equity securities shall be determined by multiplying the number of shares of the Company's common stock (on a fully diluted basis)
outstanding on the date of the execution and delivery of a definitive agreement with respect to the transaction or series of related transactions (the "Transaction Date") by the average 

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closing
price of such security for the ten trading days immediately preceding the Transaction Date, or if not publicly traded, by such other method as the Board shall determine is appropriate;
or 

        (iii)  the
Marquez Family is no longer the largest beneficial owner of the Company's outstanding voting securities and Timothy Marquez is no longer the Chief Executive
Officer or Chairman of the Board of Directors of the Company. 

        9.     Termination. This Agreement may be terminated prior to the end of its Term as set forth below. 

        (a)   Resignation. Employee may resign, including by reason of retirement, his position at any time. In the event of such
resignation, except in the case of resignation on or following a Change in Control for Good Reason (as defined below), Employee shall not be entitled to further compensation pursuant to this
Agreement. 

        (b)   Death. If Employee's employment is terminated due to his death, the Company shall pay Employee's beneficiaries or legal
representatives (i) within 15 days, any Base Compensation and vacation pay which had accrued hereunder at the date of Employee's death; and (ii) within 30 days, the same
benefits that Employee would receive in the event of Discharge following a Change in Control as described in Section 9(c)(i), below. 

        (c)   Discharge. 

        (i)    The
Company may terminate this Agreement and Employee's employment for any reason deemed sufficient by the Company upon notice as provided in Section 12. However,
in the event that Employee's employment is terminated during the Term by the Company on or following a Change in Control and for any reason other than his Misconduct (as defined in
Section 9(c)(ii) below) then: (A) the Company shall pay in a lump sum, in cash, to Employee, within 15 days of the Date of Termination, an amount equal to three times the
sum of (1) Employee's Base Compensation, (2) an amount equal to the highest incentive award paid or payable, as the case may be, to Employee under the Company's Incentive Compensation
Plan during the current year and the three years prior to termination, (3) an amount equal to the amount of contributions that the Company would have made on behalf of Employee under the
Company's 401(k) Plan during the prior year disregarding any limitations on benefits or covered compensation imposed by I.R.C. Sections 401(a)(17), 401(k), 401(m) or 415; (B) for the
36-month period after such Date of Termination, the Company shall provide or arrange to provide Employee (and Employee's dependents) with group health insurance benefits substantially
similar to those which Employee (and Employee's dependents) were receiving immediately prior to the Notice of Termination, with the Employee charged a monthly premium(s) for such coverage(s) that does
not exceed the premium(s) charged to an active employee for comparable coverage(s); benefits otherwise receivable by Employee pursuant to this clause (B) shall be reduced to the extent
comparable benefits are actually received by Employee (and Employee's dependents) during the 36-month period following Employee's termination, and any such benefits actually received by
Employee shall be reported to the Company (to the extent coverage and/or benefits received under a self-insured health plan of the Company (any successor or affiliate) are taxable to
Employee, the Company shall make Employee "whole" on a net after tax basis); (C) within 30 days of the Date of Termination or, if later, the first date on which such payment would not
subject Employee to suit under Section 16(b) of the Securities Exchange Act of 1934, if applicable, the Company shall offer to pay to Employee for cancellation of all outstanding
stock-based awards then held by Employee on the Date of Termination (collectively, "Awards"), a lump sum amount in cash equal to the sum of the value (with respect to an option or stock appreciation
right, the "spread"; and with respect to restricted stock or phantom stock, the value of an unrestricted share) of all such Awards, calculated, where applicable, as if all corporate performance goals 

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had
been achieved (thus warranting full value of the Award) and in the case where the Company's stock is not publicly traded, using a fair market value on the Date of Termination as determined by an
independent third party agreeable to the Company and Employee; and (D) within 30 days after the Date of Termination, the Company shall pay to Employee an amount equal to 36 times the
excess of (i) the monthly premium payable immediately prior to the Notice of Termination for life, disability and accident benefits substantially similar to those which employee (and Employee's
dependents) were receiving at such time, over (ii) the aggregate monthly premiums(s) charged to the Executive for such coverage at such time. 

        (ii)   Notwithstanding
the foregoing provisions of this Section 9, in the event Employee is terminated because of Misconduct, the Company shall have no compensation
obligations pursuant to this Agreement after the Date of Termination. As used herein, "Misconduct" means (a) the willful and continued failure by Employee to substantially perform his duties
with the Company (other than any such failure resulting from Employee's incapacity due to physical or mental illness or any such actual or
anticipated failure after the issuance of a Notice of Termination by Employee for Good Reason), after a written demand for substantial performance is delivered to Employee by the Board, which demand
specifically identifies the manner in which the Board believes that Employee has not substantially performed his duties, or (b) the willful engaging by Employee in conduct which is demonstrably
and materially injurious to the Company, monetarily or otherwise. For purposes hereof, no act, or failure to act, on Employee's part shall be deemed "willful" unless done, or omitted to be done, by
Employee not in good faith and without reasonable belief that Employee's action or omission was in the best interest of the Company. Notwithstanding the foregoing, Employee shall not be deemed to have
been terminated for Misconduct unless and until there shall have been delivered to Employee a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire
membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice to Employee and an opportunity for Employee, together with Employee's counsel, to be heard
before the Board), finding that in the good faith opinion of the Board Employee was guilty of conduct set forth above and specifying the particulars thereof in detail. 

        (iii)  If
the Company terminates this Agreement and Employee's employment before the expiration of the Term, other than following a Change in Control and other than for
Misconduct, the Company shall pay in a lump sum, in cash, to Employee within 15 days of the Date of Termination, an amount equal to two times the sum of (1) Employee's Base Compensation
and (2) an amount equal the greater of $99,000 or the highest incentive award paid or payable, as the case may be, during the three years prior to termination. 

        (d)   Disability. 

        (i)    If
Employee shall have been absent from the full-time performance of Employee's duties with the Company for six consecutive months as a result of
Employee's incapacity due to physical or mental illness, as determined by Employee's physician, and within 30 days after written Notice of Termination is given by the Company Employee shall not
have returned to the full-time performance of Employee's duties, Employee's employment may be terminated by the Company for "Disability" and Employee shall upon such termination be
entitled to receive the payments described in Section 9(c)(i) as though Employee has been terminated following a Change in Control. 

        (ii)   If
Employee fails during any period during the Term to perform Employee's full-time duties with the Company as a result of incapacity due to physical or
mental illness, as determined by Employee's physician, Employee shall continue to receive his Base Compensation, together with all compensation payable to Employee under the Company's 

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Long
Term Disability Plan or other similar plan during such period until this Agreement is terminated. 

        (e)   Resignation for Good Reason. In the event of a Change in Control, Employee shall be entitled to terminate his employment
for Good Reason as defined herein. If Employee terminates his employment for Good Reason, Employee shall be entitled to the compensation and benefits provided in
Paragraph 9(c)(i) hereof. "Good Reason" shall mean (1) the breach of any of the Company's obligations under this Agreement without Employee's express written consent or
(2) the occurrence of any of the following circumstances without Employee's express written consent unless such breach or circumstances are fully corrected prior to the Date of Termination
specified in the Notice of Termination pursuant to Subsection 9(f) given in respect thereof: 

        (i)    the
assignment to Employee of any duties that, in the good faith opinion of Employee, are inconsistent with the position in the Company that Employee held immediately
prior thereto, or an adverse alteration (as determined in good faith by Employee) in the nature or status of Employee's office, title, responsibilities, including reporting responsibilities, or the
conditions of Employee's employment from those in effect immediately prior thereto or a failure to maintain Employee as Chief Financial Officer; 

        (ii)   a
reduction in Employee's Base Compensation; 

        (iii)  the
failure by the Company to pay to Employee any portion of Employee's current compensation or to pay to Employee any portion of an installment of deferred
compensation under any deferred compensation program of the Company within seven days of the date such compensation is due; 

        (iv)  the
failure by the Company to continue in effect any compensation plan in which Employee participates that is material to Employee's total compensation unless an
equitable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan, or the failure by the Company to continue Employee's participation therein (or in
such substitute or alternative plan) on a basis not materially less favorable, both in terms of the amount of benefits provided and the level of Employee's participation relative to other
participants, as existed at the time of the Change in Control; 

        (v)   the
failure by the Company to continue to provide Employee with benefits substantially similar to those enjoyed by Employee under any of the Company's life insurance,
medical, health and accident, or disability plans in which Employee was participating at the time of this Agreement; the taking of any action by the Company which would directly or indirectly
materially reduce any of such benefits or deprive Employee of any material fringe benefit enjoyed by Employee at the time of this Agreement, or the failure by the Company to provide Employee with the
number of paid vacation days to which Employee is entitled on the basis of years of service with the Company (and its predecessors) in accordance with the Company's normal vacation
policy in effect at the time of the Change in Control; 

        (vi)  the
failure of the Company to obtain a satisfactory agreement from any successor to assume and agree to perform this Agreement, as contemplated in Section 14
hereof; 

        (vii) requiring
Employee to work anywhere other than the location of the Company's offices in Denver, Colorado except for required travel on the Company's business to an
extent substantially consistent with Employee's business travel obligations immediately prior to the time of the Change in Control; 

        (viii)   the
amendment, modification or repeal of any provision of the Certificate of Incorporation, or the Bylaws of the Company which was in effect immediately
prior to time of 

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this
Agreement, if such amendment, modification or repeal would materially adversely effect Employee's right to indemnification by the Company; or 

        (ix)  any
purported termination of Employee's employment that is not effected pursuant to a Notice of Termination satisfying the requirements of
Subsection (f) hereof, which purported termination shall not be effective for purposes of this Agreement. 

        Notwithstanding
anything in this Agreement to the contrary, if Employee's employment with the Company terminates prior to, but within six months of, the date on which a Change in
Control occurs and it is reasonably demonstrated by Employee that such termination of employment was (i) by the Company in connection with or anticipation of the Change in Control or
(ii) by Employee under circumstances which would have constituted Good Reason if the circumstances arose on or after the Change in Control, then, for purposes of this Agreement, Employee shall
be deemed to have continued employment with the Company until the date of the Change in Control and then terminated his employment on such date for Good Reason 

        Employee's
right to terminate employment pursuant to this subsection shall not be affected by Employee's incapacity due to physical or mental illness. In addition, Employee's
continued employment following any event, act or omission, regardless of the length of such continued employment, shall not constitute Employee's consent to, or a waiver of Employee's rights with
respect to, such event, act or omission constituting a Good Reason circumstance hereunder. 

        (f)    Notice of Termination. On and after a Change in Control, any purported termination of Employee's employment by the
Company or by Employee shall be communicated by written Notice of Termination to the other party hereto in accordance with Section 12 hereof. For purposes of this Agreement, a "Notice of
Termination" shall mean a notice which shall set forth in reasonable detail the reason for termination of Employee's employment, or in the case of resignation for Good Reason, said notice must specify
in reasonable detail the basis for such resignation. No purported termination which is not effected pursuant to this Section 9(f) shall be effective. 

        (g)   Date of Termination. "Date of Termination" shall mean the date specified in the Notice of Termination. Either party may,
within 15 days after any Notice of Termination is given, provide notice to the other party pursuant to Section 12 hereof that a dispute exists concerning the termination. Notwithstanding
the pendency of any such dispute, the Company will continue to pay Employee his full compensation in effect when the notice giving rise to the dispute was given (including, but not limited to, Base
Compensation) and continue Employee as a participant in all compensation, benefit and insurance plans in which Employee was participating when the notice giving rise to the dispute was given, until
the dispute is finally resolved in accordance with Section 18 hereof, but in no event past the expiration date of this Agreement. Any payments and benefits provided during such period of
dispute shall not reduce any other payments or benefits due Employee under this Agreement nor shall Employee be liable to repay the Company for such payments and benefits if it is finally determined
the Employee is not entitled to payments under the other provisions of this Agreement following Employee's termination of employment. 

        (h)   Mitigation. Except as otherwise provided in Section 9(c)(i) with regard to group health benefits, Employee
shall not be required to mitigate the amount of any payment provided for in this Section 9 by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for
in this Agreement be reduced by any compensation earned by Employee as a result of employment by another employer, self-employment earnings, by retirement benefits, by offset against any
amount claimed to be owing by Employee to the Company, or otherwise. No amounts payable to Employee under any plan or program of the Company shall reduce or offset any amounts payable to Employee
under this Agreement. 

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        (i)    Section 280G. 

        (1)   To
provide Employee with adequate protection in connection with his ongoing employment with the Company, this Agreement provides Employee with various benefits in the
event of termination of Employee's employment with the Company. If Employee's employment is terminated following a "change in control" of the Company, within the meaning of Section 280G of the
Internal Revenue Code of 1986, as amended (the "Code"), a portion of those benefits could be characterized as "excess parachute payments" within the meaning of Section 280G of the Code. With
respect to issues related to excess parachute payments, the parties have agreed as set forth herein. 

        (2)   Anything
in this Agreement to the contrary notwithstanding, the payments and distributions by the Company or any other person to or for the benefit of Employee (whether
paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a "Payment") shall be reduced as provided below if the Company shall determine that (A) the
Payment would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties would be incurred by Employee with respect to such excise tax (such excise tax,
together with any such interest and penalties, are hereinafter collectively referred to as the "Excise Tax") and (B) the amount of the Payment that
Employee would retain on any after-tax, present value basis would be increased as a result of such reduction by $5,000 or more. The Employee may by written notice to the Company designate
the order in which such parachute payments will be reduced or modified so that the Excise Tax is eliminated and the Company is not denied any federal income tax deductions for any "parachute payments"
because of Section 280G. 

        (j)    Section 409A.

        (1)   Anything
in this Agreement to the contrary notwithstanding, if (1) on the date of termination of Employee's employment with the Company, any of the Company's
stock is publicly traded on an established securities market or otherwise (within the meaning of Section 409A(a)(2)(B)(i) of the Code) and (2) as a result of such termination, the
Employee would receive any payment that, absent the application of this paragraph 9(j), would be subject to interest and additional tax imposed pursuant to Section 409A(a) of the
Code as a result of the application of Section 409A(2)(B)(i) of the Code, then no such payment shall be payable prior to the date that is the earliest of (i) 6 months after
the Employee's termination date, (ii) the Employee's death or (iii) such other date as will cause such payment not to be subject to such interest and additional tax. 

        (2)   It
is the intention of the parties that payments or benefits payable under this Agreement not be subject to the additional tax imposed pursuant to Section 409A of
the Code. To the extent such potential payments or benefits could become subject to such Section, the parties shall cooperate to amend this Agreement with the goal of giving Employee the economic
benefits described herein in a manner that does not result in such tax being imposed. 

        10.   Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit Employee's continuing or future
participation in any benefit, bonus, incentive or other plan or program provided by the Company or any of its affiliated companies and for which Employee may qualify, nor shall anything herein limit
or otherwise adversely affect such rights as Employee may have under any stock option or other agreements with the Company or any of its affiliated companies. 

        11.   Assignability. The obligations of Employee hereunder are personal and may not be assigned or delegated by him or
transferred in any manner whatsoever, nor are such obligations subject to involuntary alienation, assignment or transfer. The Company shall have the right to assign this 

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Agreement
and to delegate all rights, duties and obligations hereunder, either in whole or in part, to any parent, affiliate, successor or subsidiary organization or company of the Company, so long as
the obligations of the Company under this Agreement remain the obligations of the Company. 

        12.   Notice. For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in
writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the Company at its principal
office address, directed to the attention of the Board with a copy to the Secretary of the Company, and to Employee at Employee's residence address on the records of the Company or to such other
address as either party may have furnished to the other in writing in accordance herewith except that notice of change of address shall be effective only upon receipt. 

        13.   Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

        14.   Successors; Binding Agreement. 

        (a)   The
Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken
place. Failure of the Company to obtain such agreement prior to the effectiveness of any such succession shall be a breach of this Agreement and shall entitle Employee to compensation from the Company
in the same amount and on the same terms as he would be entitled to hereunder if he terminated his employment for Good Reason, except that for purposes of implementing the foregoing, the date on which
any such succession becomes effective shall be deemed the Date of Termination. As used herein, the term "Company" shall include any successor to its business and/or assets as aforesaid which executes
and delivers the Agreement provided for in this Section 14 or which otherwise becomes bound by all terms and provisions of this Agreement by operation of law. 

        (b)   This
Agreement and all rights of Employee hereunder shall inure to the benefit of and be enforceable by Employee's personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. If Employee should die while any amounts would be payable to him hereunder if he had continued to live, all such amounts, unless
otherwise provided herein, shall be paid in accordance with the terms of this Agreement to Employee's devisee, legatee, or other designee or, if there be no such designee, to Employee's estate. 

        15.   Indemnification. In consideration of the premises and of the mutual agreements set forth in this Agreement, the parties
hereto further agree as follows: 

        (a)   The
Company shall pay on behalf of Employee and Employee's executors, administrators or assigns, any amount which Employee is or becomes legally obligated to pay as a
result of any claim or claims made against Employee by reason of the fact that Employee served as an employee, director and/or officer of the Company or because of any actual or alleged breach of
duty, neglect, error, misstatement, misleading statement, omission or other act done, or suffered or wrongfully attempted by Employee in Employee's capacity as an employee, Director and/or Officer of
the Company. The payments that the Company will be obligated to make hereunder shall include (without limitation) damages, judgments, settlements, costs and expenses of investigation, costs and
expenses of defense of legal actions, claims and proceedings and appeals therefrom, and costs of attachments and similar bonds; provided, however,that
the Company shall not be obligated to pay fines or other obligations or fees imposed by law or otherwise that it is prohibited by applicable law from paying as indemnity or for any other reason. 

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        (b)   Costs
and expenses (including, without limitation, attorneys' fees) incurred by Employee in defending or investigating any action, suit, proceeding or claim shall be
paid by the Company in advance of the final disposition of such matter upon receipt of a written undertaking by or on behalf of Employee to repay any such amounts if it is ultimately determined that
Employee is not entitled to indemnification under the terms of this Agreement. 

        (c)   If
a claim under this Agreement is not paid by or on behalf of the Company within ninety days after a written claim has been received by the Company, Employee may
at any time thereafter bring suit against the Company to recover the unpaid amount of the claim and, if successful in whole or in part, Employee shall also be entitled to be paid the expense of
prosecuting such claim. 

        (d)   In
the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Employee, who shall
execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to
enforce such rights. 

        (e)   The
Company shall not be liable under this Agreement to make any payment in connection with any claim made against Employee: 

        (1)   for
which payment is actually made to Employee under an insurance policy maintained by the Company, except in respect of any excess beyond the amount of payment under
such insurance; 

        (2)   for
which Employee is indemnified by the Company otherwise than pursuant to this Agreement; 

        (3)   based
upon or attributable to Employee gaining in fact any personal profit or advantage to which Employee was not legally entitled; 

        (4)   for
an accounting of profits made from the purchase or sale by Employee of securities of the Company within the meaning of Section 16(b) of the Securities
Exchange Act of 1934 and amendments thereto; or 

        (5)   brought
about or contributed to by the dishonesty of Employee; provided, however,that notwithstanding the foregoing,
Employee shall be protected under this Agreement as to any claims upon which suit may be brought alleging dishonesty on the part of Employee, unless a judgment or other final adjudication thereof
adverse to Employee shall establish that Employee committed acts of active and deliberate dishonesty with actual dishonest purpose and intent, which acts were material to the cause of action so
adjudicated. 

        (f)    Employee,
as a condition precedent to his right to be indemnified under this Agreement, shall give to the Company notice in writing as soon as practicable of any claim
made against him for which indemnity will or could be sought under this Agreement. Notice to the Company shall be directed to the Company, Attention: Secretary (or such other address as the Company
shall designate in writing to Employee). Notice shall be deemed received if sent by prepaid mail properly addressed, the date of such notice being the date postmarked. In addition, Employee shall give
the Company such information and cooperation as it may reasonably require and as shall be within Employee's power. 

        (g)   Nothing
herein shall be deemed to diminish or otherwise restrict Employee's right to indemnification under any provision of the Certificate of Incorporation or Bylaws of
the Company or under Delaware law. 

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        (h)   During
the Term and for a period of six years thereafter, the Company shall cause Employee to be covered by and named as an insured under a policy or contract of
insurance obtained by it to insure its directors and officers against personal liability for acts or omissions in connection with service as an officer or director of the Company or service in other
capacities at the request of the Company. The coverage provided to Employee pursuant to this Section shall be of a scope and on terms and conditions at least as favorable as the coverage
provided to Employee on the termination date of this Agreement. 

        16.   Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or
discharge is agreed to in writing and signed by Employee and such officer as may be specifically authorized by the Board. No waiver by either party hereto at any time of any breach by the other party
hereto of, or in compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the
same or at any prior or subsequent time. This Agreement is an integration of the parties agreement; no agreement or representations, oral or otherwise, express or implied, with respect to the subject
matter hereof have been made by either party which are not set forth expressly in this Agreement. The validity, interpretation, construction and performance of this Agreement shall be governed by the
laws of the State of Delaware. 

        17.   Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original
but all of which together will constitute one and the same instrument. 

        18.   Arbitration. Employee shall be permitted (but not required) to elect that any dispute or controversy arising under or in
connection with this Agreement be settled by arbitration in Denver, Colorado or in the city in which Employee then resides in accordance with the rules of the American Arbitration Association then in
effect. Judgment may be entered on the arbitrator's award in any court having jurisdiction. Reasonable legal fees and costs incurred by Employee in connection with the resolution of any dispute or
controversy under or in connection with this Agreement shall be paid by the Company as bills for such services are presented by Employee to the Company. 

        19.   Prior Agreements. This agreement supersedes and replaces in full any previously existing employment agreement (written or
oral) between the parties. 

        20.   Knowledge of Terms and Conditions. Employee has received a copy of this Agreement in advance of his execution hereof and
has consulted with his own attorney with respect to the terms and conditions hereof and the transactions contemplated under this Agreement. Employee has executed this Agreement with full knowledge of
the terms and conditions contained herein and acknowledges that he has had the opportunity to obtain information regarding the Company and concerning the terms and conditions of this Agreement. In
making his decision to enter into this Agreement, Employee has relied solely upon independent investigations he made and acknowledges that he is not relying on the Company, any affiliate of the
Company or any officer, director or employee of the Company for advice with respect to any tax or other economic considerations involved in the transactions contemplated under this Agreement,
including those arising under Section 409A of the Internal Revenue Code of 1986, as amended. 

10

 

        IN
WITNESS WHEREOF, the parties have executed this Agreement effective for all purposes as of March 19, 2007. 

	

 	
 	

Venoco, Inc.
	

 	
 	

By:	
 	

/s/  TIMOTHY M. MARQUEZ      
 Timothy M. Marquez

Chief Executive Officer
	

 	
 	

Employee
	

 	
 	

By:	
 	

/s/  TIMOTHY A. FICKER      
 Timothy A. Ficker

11

QuickLinks

EMPLOYMENT AGREEMENTFiled by Automated Filing Services Inc. (604) 609-0244 - Asia Interactive Media Inc. - Exhibit 10.1

These securities have not been registered under the
Securities Act of 1933 (the "Securities Act") and may not be offered or sold in
the United States or to U.S. persons (other than distributors) unless the
securities are registered under the Securities Act, or an exemption from the
registration requirements of the Securities Act is available. Hedging
transactions involving these securities may not be conducted unless in
compliance with the Securities Act.

8% CONVERTIBLE PROMISSORY NOTE DUE FEBRUARY 9, 2009

	US $150,000 	As of February 9, 2007 

FOR VALUE RECEIVED, BLACK GARDENIA CORP., a Nevada
corporation (the “Company”), having an address of Level 30, Bank of China Tower,
1 Garden Road, Central Hong Kong, hereby promises to pay to the order of
CAPITAL ALLIANCE GROUP INC., a British Columbia corporation (the
“Lender”), at the offices of Lender at Suite 1200 – 777 West Broadway,
Vancouver, British Columbia, Canada, or such other place as may be designated by
Lender to the Company in writing, the aggregate principal amount of up to One
Hundred Fifty Thousand Dollars ($150,000), together with interest on the
unpaid principal amount hereof, upon the terms and conditions hereinafter set
forth.

	1. 	
      Schedule of Payments. The Lender will pay to the
      Company $150,000.00 within 60 days of execution of this Note. The terms
      and conditions set forth herein shall only apply to the Principal. All of
      the references to dollar amounts in this Convertible Promissory Note (this
      “Note”) are in US dollars unless otherwise noted.

	 	 	 
	2. 	
      Payment Terms. The Company promises to pay to
      Lender the balance of Principal, together with accrued and unpaid
      interest, on February 9, 2009 (the “Due Date”), unless this Note is
      earlier prepaid as herein provided or earlier converted into common stock
      of the Company pursuant to Section 6 of this Note. The Company may reduce
      the amount of the Principal payable by paying down all or a portion of the
      Principal back to the Lender at any time prior to the Due Date. All
      payments by the Company to the Lender shall be credited first to the
      accrued interest then due and payable and the remainder to
    Principal.

	 	 	 
	3. 	
      Interest. Interest on the outstanding portion of
      Principal of this Note shall accrue at a rate of eight percent (8%) per
      annum. All computations of interest shall be made on the basis of a
      365-day year for actual days elapsed. Such interest shall be paid in
      arrears on the last business day of each successive one year anniversary
      of the date of this Note.

	 	 	 
	4. 	
      Lender’s Right of Acceleration. The Lender has the
      right, called acceleration, to declare the entire unpaid principal and
      interest under this Note due immediately for any of the following
      causes:

	 	 	 
		(a) 	
      If the Company fails to keep any promise made in this
      Note within thirty days after written notice from the Lender;

	 	 	 
		(b) 	
      If one or more judgments is entered against the Company
      which exceed, in the aggregate, $100,000 if the Company does not pay such
      judgments or arrange for their enforcement to be postponed no later than
      within thirty days after the judgments have been
entered;

— 2 —

	 	(c) 	
      If bankruptcy, receivership, or insolvency proceedings
      are started by or against the Company, or if the Company dissolves,
      liquidates or otherwise winds up its business; or

	 	 	 
	 	(d) 	
      If there is a change in control of the
  Company.

	5. 	
      Notices. All notices under this Note must be in
      writing. They may be given by (a) personal delivery, or (b) certified
      mail, return receipt requested. Each party must accept and claim the
      notices given by the other. Notices shall be addressed to the other party
      at the address written at the beginning of this Note. Either party may
      notify the other of a change of address.

	 	 
	6. 	
      Conversion of Note.

	 	 
	6.1. 	
      Right to convert. Subject to and upon compliance
      with the provisions of this Section 6, at the option of the Lender, this
      Note may at any time at or before the close of business on the maturity
      date of this Note, be converted at 100% or a portion of the principal
      amount of this Note be converted into common stock of Black Gardenia Corp.
      (the “Common Stock”) at the Conversion Price.

	 	 
	6.2. 	
      Manner of Exercise of Conversion Privilege. In
      order to exercise the conversion privilege, the Lender shall surrender
      this Note to the Company at any time during usual business hours at its
      office, accompanied by written notice to the Company at such office that
      the Lender elects to convert this Note or a specified portion thereof and
      stating the name or names (with address) in which the certificate or
      certificates for shares of Common Stock which shall be issuable on such
      conversion shall be issued. This Note surrendered for conversion shall (if
      so required by the Company) be accompanied by proper assignment thereof to
      the Company or be blank. As promptly as practicable after the receipt of
      such notice and the surrender of this Note as aforesaid the Company shall
      issue and deliver at such office to the Lender, or on his written order, a
      certificate or certificates for the number of full shares of Common Stock
      issuable on such conversion in accordance with the provision of this
      Article and cash, as provided in Subsection 4, in respect of any fraction
      of a share of Common Stock otherwise issuable upon such conversion. Such
      conversion shall be deemed to have been effected at the close of business
      on the Date of Conversion, and the person or persons in whose name or
      names any certificate or certificates for shares of Common Stock shall be
      issuable upon such conversion shall be deemed to have become the Lender or
      Lender of record of the shares represented thereby on such date; provided,
      however, that any such surrender on any date when the stock transfer books
      of the Company shall be closed shall constitute the person or persons in
      whose name or names the certificate or certificates for such shares are to
      be issued as the record Lender or Lender thereof for all purposes at the
      close of business on the next succeeding day on which such stock transfer
      books are open, and the Note surrendered shall not be deemed to have been
      converted until such time for all purposes, but such conversion shall be
      at the conversion price in effect at the close of business on the date of
      such surrender. Anything contained in this Section 6.2 to the contrary
      notwithstanding, the Company shall not be obligated to effect the transfer
      of any Conversion Shares upon conversion of any portion of any Convertible
      Notes or cause any Conversion Shares upon conversion of any Convertible
      Notes to be registered in any name or names other than the name of the
      Lender of the Convertible Notes, converted or to be converted (or such
      Lender’s nominee or nominees) unless such Lender delivers to the Company
      an opinion of

— 3 —

		
      counsel reasonably satisfactory to the Company to the
      effect that such transfer is in compliance with applicable securities
      laws.

	 	 
		
      In case this Note shall be surrendered for conversion of
      only a portion of the principal amount thereof, the Company shall execute
      and deliver to the Lender at the expense of the Company, a new Convertible
      Note in the denomination or denominations ($1,000 and integral multiples
      thereof, plus one Convertible Note in a lesser denomination, if required)
      as such Lender may request in an aggregate principal amount equal to the
      unconverted portion of the Convertible Note so surrendered. Any
      Convertible Notes so issued are included in the definition of this
      “Note”.

	 	 
	6.3. 	
      Fractions of Share. The Company shall not be
      required to issue fractions of a share or scrip representing fractional
      shares of Common Stock upon conversion of this Note. If any fraction of a
      share of Common Stock would, except for the provisions of this Section be
      issuable on the conversion of any Convertible Notes (or specified portions
      thereof), the Company shall pay a cash adjustment in respect of such
      fraction, equal to the value of such fraction based on the then conversion
      price.

	 	 
	6.4. 	
      Conversion Price. The price at which shares of
      Common Stock shall be delivered upon conversion (herein called the
      Conversion Price) shall be $0.01 per share of Common Stock.

	 	 
	7. 	
      Representations, Warranties and Acknowledgements of
      the Lender

	 	 
		
      The Lender acknowledges, represents and warrants as of
      the date of this Note that:

	 	 
	7.1 	
      No prospectus has been provided to the Lender by the
      Company in connection with the issuance of the Common Shares and that the
      Company is relying upon an exemption(s) from prospectus requirements of
      the Securities Act (British Columbia) (the "Act") and the
      Securities Rules (British Columbia) (the "Rules").

	 	 
	7.2 	
      The Lender is acquiring rights to the Common Shares
      pursuant to shi Note for the Lender’s own account for investment purposes
      only and the Lender is not purchasing with the intention of reselling the
      shares within the next year. The Shares purchased hereby are not qualified
      for resale in the US. The Lender agrees to resell such securities only in
      accordance with the provisions of Regulation S of the US Securities Act,
      pursuant to registration under the US Securities Act, or pursuant to an
      available exemption from registration, and agrees not to engage in hedging
      transactions with regard to such securities unless in compliance with the
      US Securities Act.

	 	 
	7.3 	
      The Lender has had a reasonable opportunity to ask
      questions of and receive answers from the Company and its officers
      regarding the common stock of the Company, and all such questions have
      been answered to the full satisfaction of the Lender.

	 	 
	7.4 	
      The Company has made available to the Lender all
      requested documents and records in its possession, and has offered the
      Lender an opportunity to discuss this investment with the Company and/or
      representatives of the Company and obtain any additional information
      necessary to verify the accuracy of any information furnished. The Lender
      acknowledges that no information furnished by the Company constitutes
      investment, accounting, legal or tax advice. The Lender is relying solely
      upon itself and its professional advisors, if any, for such
  advice.

— 4 —

	7.5 	
      The Lender is a:

	 	 	 
		(a) 	
      director, senor officer or employee of the Company, or a
      director, senior officer or employee of an affiliate of the
  Company;

	 	 	 
		(b) 	
      close business associate, close personal friend, spouse,
      parent, brother, sister or child of a director or officer of the
      Company;

	 	 	 
		(c) 	
      person already holding shares of the Company;

	 	 	 
		(d) 	
      spouse, parent, brother, sister or child of a person
      already holding shares of the Company;

	 	 	 
		(e) 	
      company, all of the voting securities of which are
      beneficially owned by any combination of the individuals referred to in
      (a) to (d) above; or

	 	 	 
		(f) 	
      sophisticated purchaser.

	7.6 	
      The Lender certifies that:

	 	 	 
		(a) 	
      the Lender is not a US person and is not acquiring the
      securities for the account or benefit of any US person; or

	 	 	 
		(b) 	
      the Lender is a US person who purchased securities in a
      transaction that did not require registration under the US Securities
      Act.

	8. 	
      Notice of Distributions, Rights of Reorganization,
      etc. In case at any time:

	 	 	 
		(1) 	
      the Company shall pay any dividend payable in stock upon
      its Common Stock or make any distribution (other than regular cash
      dividend) to the Lender of its Common Stock;

	 	 	 
		(2) 	
      the Company shall offer for subscription pro rata to the
      Lender of its Common Stock any additional shares of stock of any class or
      other rights;

	 	 	 
		(3) 	
      there shall be any capital reorganization, or
      reclassification of the capital stock of the Company, or consolidation or
      merger of the Company, or sale of all or substantially all of its assets
      to, another corporation; or

	 	 	 
		(4) 	
      there shall be a voluntary or involuntary dissolution,
      liquidation or winding up of the Company

then in any one or more of said cases,
the Company shall give written notice, to the Lender of this Note, of the date
on which (a) the books of the Company shall close or a record shall be taken for
such dividend, distribution or subscription rights, or (b) such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding up shall take place, as the case may be. Such notice shall also specify
the dates as of which the Lender of Common Stock of record shall participate in
such dividend, distribution or subscription rights, or shall be entitled to
exchange their Common Stock for securities or other property deliverable upon
such reorganization, 

— 5 —

		
      reclassification, consolidation, merger, sale,
      dissolution, liquidation or winding up, as the case may be. Such written
      notice shall be given at least 20 days prior to the record date or the
      date on which the Company’s transfer books are closed in respect
      thereto.

	 	 
	9. 	
      Taxes on Conversion. The issue of certificates on
      conversion of this Note shall be made without charge to the Lender for any
      tax in respect of the issue thereof. The Company shall not, however, be
      required to pay any tax which may be payable in respect of any transfer
      involved in the issue and delivery of stock in any name other than that of
      the Lender of any Note converted, and the Company shall not be required to
      issue or deliver any certificate in respect to such stock unless and until
      the person or persons requesting the issuance thereof shall have paid to
      the Company the amount of such tax or shall have established to the
      satisfaction of the Company that such tax has been paid.

	 	 
	10. 	
      Redemption. This Note may be redeemed by the
      Company by payment of the entire Principal and interest outstanding under
      this Note to the Lender.

	 	 
	11. 	
      Company to Reserve Stock. The Company shall at all
      times reserve and keep available out of its authorized but unissued stock,
      for the purpose of effecting the conversion of the Convertible Notes, such
      number of its duly authorized shares of Common Stock as shall from time to
      time be sufficient to effect the conversion of all outstanding Convertible
      Notes. If any shares of Common Stock, reserved or to be reserved, for such
      purposes, required registration under any Federal or state law before such
      shares may be validly issued to the Lender, the Company covenants that it
      will in good faith and as expeditiously as possibly endeavor to secure
      such registration or approval, as the case may be.

	 	 
		
      The Company covenants that all shares of Common Stock
      which may be issued upon conversion of Convertible Notes will upon issue
      be fully paid and non-assessable and free from all taxes, liens and
      charges with respect to the issue thereof.

	 	 
	12. 	
      No Rights as Lender. Prior to the conversion of
      this Note, the Lender shall not be entitled to any rights of a stockholder
      of the Company, including without limitation the right to vote, to receive
      dividends or other distributions or to exercise any pre-emptive rights,
      and shall not be entitled to receive any notice of any proceedings of the
      Company, except as provided herein.

	 	 
	13. 	
      Waivers and Amendment. Any provision of this Note
      may be amended, waived or modified upon the written consent of Company and
      the Lender.

	 	 
	14. 	
      Jurisdiction. Both parties agree to attorn to the
      exclusive jurisdiction of the courts of British Columbia, Canada with
      regards to this Note.

	 	 
	15. 	
      Entire Agreement. This Note constitutes the full
      and entire understanding and agreement between the parties with regard to
      the subjects hereof and thereof.

	 	 
	16. 	
      Survival. The representations, warranties,
      acknowledgments covenants and agreements made herein shall survive the
      execution and delivery of this Note.

	 	 
	17. 	
      Validity. If any provision of this Note shall be
      judicially determined to be invalid, illegal or unenforceable, the
      validity, legality and enforceability of the remaining provisions shall
      not in any way be affected or impaired
thereby.

— 6 —

	18. 	
      Counterparts. This Note may be executed in any
      number of counterparts, each of which shall be an original, but all of
      which together shall be deemed to constitute one
  instrument.

IN WITNESS WHEREOF the Company has duly executed and
delivered this Note as of the day and year first above written notwithstanding
its actual date of execution.

 

BLACK GARDENIA CORP.

Per: /s/ Tim
Leong
______________________________________
Authorized Signatory

 

IN WITNESS WHEREOF the Lender has duly executed and
received this Note as of the day and year first above written notwithstanding
its actual date of execution.

 

CAPITAL ALLIANCE GROUP INC.

Per: /s/ Toby
Chu
______________________________________
Authorized Signatory

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