BAKERSFIELD, Calif., May 8 /PRNewswire-FirstCall/ -- Great Valley Production Services LLC, a subsidiary of Tri-Valley Corporation (AMEX:TIV), has successfully filled out its initial fleet goal of at least five workover rigs, giving it capability to work on the shallowest wells from a few hundred feet up to 18,000 feet with 2 7/8 inch tubing.
This enables Tri-Valley to work continuously on its growing inventory of existing wells while drilling new ones on its properties to ramp up production this year. Two of the rigs are also capable of drilling vertical and horizontal wells of 5,000 to 8,000 feet.
Great Valley is mobilizing one shallow rig this week to work over 17 idle wells on its Temblor Valley property abutting the giant South Belridge Oilfield some 40 miles west of Bakersfield, California. A second rig is mobilizing to drill a new 4,000 foot well on the same property. This well will core several hydrocarbon-bearing sections to identify the optimum formation and characteristics for drilling additional horizontal wells.
Three other rigs are in various stages of being refurbished to "better than new" with modern pumps, engines and digital equipment. Rig 105 will pull 250,000 lbs and drill to 8,000 feet and is one of the few in California of that capability and capacity.
"Tri-Valley Oil & Gas Co. has development properties with well programs that will employ the full range of its fleet capacity. Tri-Valley intends to steadily increase production to the goal of thousands of barrels per day as we restore production on idle wells and drill new wells, especially horizontal and hydraulically fractured bores that typically deliver at higher rates than conventional vertical wells. With this newly acquired rig fleet, Tri-Valley should be able to continuously develop its properties to build revenue and share value rather than intermittently due to the chronic and worsening rig shortage," said F. Lynn Blystone, Tri-Valley Corporation president and chief executive officer.
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, 2005.
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
1-800-579-9314
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/
|