BAKERSFIELD, Calif., Dec. 5 /PRNewswire-FirstCall/ -- With nearly $25 million in assets and a market capitalization exceeding $200 million, Tri-Valley Corporation (AMEX:TIV) ascended another 15 places to number 100 on the Oil & Gas Financial Journal list of the top 200 U.S. petroleum companies in its November 2005 issue.
Ranking all companies by assets has been the custom of the Oil & Gas Journal for decades and its financial supplement now tracks companies by quarter rather than annually.
Tri-Valley first gained listing at number 397 in 1982 when the Journal then had a top 400 list. For the past two decades, the industry has experienced ferocious downsizing and consolidation with over 10,000 companies no longer in business, including prominent members of the original "seven sisters" like Gulf Oil, Mobil and Texaco that used to control the world oil business. Now almost all oil is owned and controlled by governments, which has drastically altered the market place and consumer costs.
Despite uncommon ongoing industry attrition over the past two decades, Tri-Valley has always made the list, steadily ascending an average of 13 places per year.
"During the really tough years, we have built a platform to deliver exceptional value to shareholders and drilling partners and now the price levels offer an extraordinary bonus on discovery success. We look to continue this uncommon rate of growth and expect our inventory of high impact wildcat prospects to provide outstanding reward for those invested with us when we bring in one of the big ones," said F. Lynn Blystone, president and chief executive officer.
Tri-Valley owns a proprietary worldwide database with data on every continent except Antarctica and currently emphasizes the California portion with 700 leads and prospects augmented by more than 20,000 line miles of digitized seismic data.
"Most people don't realize the just the region around our Bakersfield, California headquarters produces more than three times as much oil per day as the entire State of Oklahoma. This all comes from 12,000 feet and above in a valley where the sediments go down to 45,000 feet with many other hydrocarbon-bearing formations. It's a wonderful place to explore for really big, company maker type targets that will keep Tri-Valley climbing up the Oil & Gas Financial Journal list faster than our peers," Blystone said.
He noted that wildcat drilling is inherently risky with high failure rates, but the promise of big discovery makes it worthwhile, especially in the midst of the world's fifth largest economy, California, which now imports nearly 60% of its oil and nearly 90% of its natural gas needs to feed its burgeoning markets.
This press release contains forward-looking statements that involve risks and uncertainties. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements which includes such words and phrases as exploratory, wildcat, prospect, speculates, unproved, prospective, very large, expect, potential, etc. Among the factors that could cause actual results, events and performance to differ materially are risks and uncertainties discussed in the company's quarterly report on Form 10-Q for the quarter ended September 30, 2005, and the annual report on Form 10-K for the year ended December 31, 2004.
The Company is in its 43rd year of business as a successful operating company and for 32 years has been a full reporting 12 (g) publicly traded Delaware Corporation. Tri-Valley Corporation stock is publicly traded on the American Stock Exchange under the symbol "TIV" in the United States and is also traded in Europe on the Frankfurt Stock Exchange under the symbol "TVC WKN 911919." Our company websites, which include all SEC filings, are http://www.tri-valleycorp.com/ and http://www.tri-valley.de/.
CONTACT:
F. LYNN BLYSTONE, PRESIDENT & CEO
TRI-VALLEY CORPORATION
800-579-9314
DATASOURCE: Tri-Valley Corporation CONTACT: F. Lynn Blystone, President & CEO of Tri-Valley Corporation, +1-800-579-9314 Web site: http://www.tri-valley.de/ Web site: http://www.tri-valleycorp.com/
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