TIV= 10,000 barrels a day in 2 years. WOW
(COMTEX) B: Tri-Valley Surpasses Year End Oil Production Rate Goals Six Mo
ths Ahead of Plan ( BusinessWire )
B: Tri-Valley Surpasses Year End Oil Production Rate Goals Six Months Ahead of P
an ( BusinessWire )
BAKERSFIELD, Calif., Jun 27, 2008 (BUSINESS WIRE) --
Tri-Valley Corporation (AMEX:TIV) has exceeded 2,000 barrels of
oil equivalent per day (BOED) rate with total field production
recorded at 2,058.3 BOED from its 43 active producing wells on six
California properties. This surpasses the original year end 2008
Company Plan of 2,000 BOED by more than six months.
"With tested productive capacity of individual wells now totaling
over 3,500 BOED supporting our facilities expansion and installation
planning, and many of the wells choked back during initial productive
life for prudent early field development, we are now confident that we
can achieve 3,000 BOED by year end, eclipsing our original Company
Plan goal by 50%. Should additional drilling permits be obtained on a
timely basis, and targeted lease acquisitions and subsequent
developments proceed on schedule as expected, we believe we are on
track to become a 10,000 BOED enterprise by the end of this decade,"
said Robert Bell, vice president of operations for the operating
subsidiary, Tri-Valley Oil & Gas Co.
The most recent production test was made to measure facilities
capabilities in anticipation of establishing a stable production rate
in the 2,000 BOED returning Tri-Valley to operating profitability and
providing a platform for further ramp up of oil and gas production.
"Our team is working feverishly to procure and install increased
facilities capacity in the appropriate properties to accommodate a
steady build up of production in order to maximize benefits from this
strong period of record high oil and natural gas prices," said Joseph
R. Kandle, Tri-Valley Oil and Gas Co. president. Significantly, Kandle
noted that a newly acquired natural gas line would now begin
delivering gas to fire the steam generators at the Company's Pleasant
Valley heavy oil project at a considerable savings over the propane
cost which had been used initially. This one change alone will serve
to substantially reduce the lifting cost and further enhance
profitability from that project.
Commenting further on its recent strategic sale of some of the rig
equipment of its Great Valley Production Services LLC subsidiary,
Kandle noted that GVPS chose to keep its entire fleet of 17 steam
generators to support accelerated growth of production from
Tri-Valley's heavy oil properties and some key personnel were kept to
bolster staff support of increased oil production.
Some of Tri-Valley's producing properties are shared with its TVOG
Opus I Drilling Program LP while others are either partially owned
with other partners or 100% owned by Tri-Valley.
"Thanks to outstanding performance by our technical and staff
team, along with continued strong capital support from our Opus
Drilling Program partners, and increasing petroleum prices, Tri-Valley
is in the midst of mounting a tremendous and unprecedented growth
phase. Our resources are focused to support this rapid growth to
reward our shareholders and drilling partners. More than ever before
we are in the right place at the right time with the right commodity
and positioned for massive expansion," said F. Lynn Blystone,
president and chief executive officer.
Tri-Valley has been in business as a successful operating company
since 1963, and has been a full reporting 12 (g) publicly traded
Delaware Corporation since 1972. Tri-Valley Corporation stock is
publicly traded on the American Stock Exchange under the symbol "TIV."
Our company website, which includes all SEC filings, is
www.tri-valleycorp.com.
AI
