BAKERSFIELD, Calif., Jan. 30 /PRNewswire-FirstCall/ -- Tri-Valley Corporation (AMEX:TIV) announced that it had shipped an initial 2,500 barrels of oil in January from its recently acquired Temblor Valley producing property and expects to increase this monthly production by reworking several idle wells on the property.
The rework program should commence in February when the Company begins taking delivery on its own production rigs and assigning them to its various producing properties in California.
Additionally, Tri-Valley has begun preparations to drill a horizontal well in the diatomite interval of the Temblor Valley property which adjoins the super giant South Belridge Oil Field, from which tens of thousands of barrels of oil per day are produced from the diatomite.
"The diatomite is but one interval of several on this lightly drilled property that have never been exploited and we are excited about the upside this re-exploitation with modern methods represents," said Joseph R. Kandle, president of the operating subsidiary, Tri-Valley Oil & Gas Co.
The first three zones are shallow beginning at 350 feet down to 1,200 feet. However, deeper potential is thought to be available from information of the then world's deepest well, the Berry No. 1, drilled in 1930 to 11,377 feet on the property and which had 59 API gravity oil shows. Tri-Valley will also pursue development of a deep exploration prospect once the re-exploitation and production build up is well underway.
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-valleycorp.com/
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