BAKERSFIELD, Calif., Nov. 15 /PRNewswire-FirstCall/ -- Tri-Valley Corporation (AMEX:TIV) has hired Art Evans, CPA, CMA, CFM as its chief financial officer to succeed Tom Cunningham, who is promoted to vice president and chief administrative officer.
Evans has a full range of accounting and financial management experience in several industries as well as oil, gas, and mining and with Fortune 500 companies as well as independents like Tri-Valley. He holds a bachelors of science in accounting from Weber State University in Ogden, Utah, a master of business administration in finance from Golden State University, Los Angeles and a master of science in systems management from the University of Southern California, Los Angeles. His professional designations include Certified Public Accountant, Certified Management Accountant and Certified Financial Manager.
Evans is also experienced in acquisitions and divestitures both of which Tri-Valley is becoming more active in pursuing. He is current with the recently enacted Sarbanes-Oxley regulations for publicly traded companies such as Tri-Valley and has venture capital investing and capital formation experience. Evans and his family lived in Bakersfield for three years while he was a controller for Getty Oil Company and will now relocate from Salt Lake City to Tri-Valley's Bakersfield, California headquarters. He will initially report to Tom Cunningham.
After nine years of progressive responsibility, including the positions of secretary, treasurer and chief financial officer, Thomas J. Cunningham will oversee the organization and administrative structuring of Tri-Valley as it expands personnel and projects.
"Tom is a very organized person and has the mission of relieving our technical people of as much administrative function as possible to maximize the application of their strengths on corporate projects and opportunity to grow shareholder value. Our expanding personnel base requires formal structures we never had to be concerned about before and Tom can greatly assist in keeping our growth smooth and productive," said F. Lynn Blystone, president and chief executive officer.
Through its operating subsidiaries, Tri-Valley Oil & Gas Co. and Select Resources Corporation, Tri-Valley is engaged in high impact wildcat oil and gas exploration and production and precious and base metals exploration and industrial minerals production. The Company is actively seeking acquisitions of properties and companies in those fields. Tri-Valley currently holds more than 100,000 acres of selected petroleum and mineral leases for both exploration and production with several properties being brought into production to increase revenues, reward drilling partners and royalty owners and add value for shareholders.
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.
Headquartered in Bakersfield, California, 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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