Venoco Inc.‘s slant-drilling measure, the Paredon Oil and Gas Development Initiative, on Carpinteria’s June 8 ballot is attracting campaign funding from both sides.

Venoco, an oil and gas company with on- and offshore projects in the Central Coast area, wants city voters to approve an onshore project that would allow a drilling rig to be built near Carpinteria City Hall off Dump Road. It would drill directly down and a few miles out along the coastline to access both oil and natural gas.

The company says the project would be environmentally responsible and bring much-needed funding to the region.

Venoco has spent $132,670 toward the initiative — Measure J — so far in 2010, while the project’s opponents, Citizens Committee Against Paredon Initiative, have raised $28,293 and spent $10,631.

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— Noozhawk staff writer Giana Magnoli can be reached at gmagnoli@noozhawk.com.