Tri-Valley Corp (fka TVLYQ)

[jonesieatl]

How many bbls of oil and mcf of gas ....

.... did TIV sell in 2Q08?

Hard to say since they lump oil/gas revenues together ... but we do have April/May production numbers as posted on DOGGR.

Now , I think it is safe to assume that although production from PV and Moffat are Confidential as far as reporting to DOGGR , the revenues from those wells are included in the revenues TIV just reported.

In April TIV had production of 2067 bbls of oil and 12,019 mcf gas , for a BOE per month of approx. 4067 and a BOE per day of 136.

At the closing prices of oil and gas in April from

http://www.tfc-charts.w2d.com/chart/CO/M/ and

http://www.tfc-charts.w2d.com/chart/NG/M

April oil/gas revenues would have been 2067 bbls x $113.46 + 12,019 x $13.35 = $394,975 , not counting any PV/Moffat 'Confidential' production.

In May TIV had production of 2347 bbls of oil and 11,470 mcf gas , for a BOE per month of approx. 4259 , and a BOE per day of 142.

At May closing prices TIV oil/gas revenues would have been 2347 x 127.35 + 11,470 x 11.70 = $433,089 , not counting any PV/Moffat 'Confidential' production.

Subtract April + May oil/gas revenues from 2Q08 oil/gas revenues of $1.25 million and that leaves $421,936 for June oil/gas revenues.

Hmmm , that's less than May's revenues.

So I guess we've had one question answered for us:

If in April we had approx. 136 BOEPD and in May we had 142 BOEPD of production .... it doesn't look like June production could have been any more than 142 BOEPD.

With June's closing oil price being up to $140/bbl and June's closing gas price being down to $10.84/mcf .... I really can't see where numbers such as the PR'd numbers shown below could have been anything other than test/trial/short-term production rates , possibly extrapolated from very short-term tests.

"On May 8, 2008 the gross daily production of oil and gas from the Company’s 39 active wells reached 1,015 barrels of oil equivalent"


"already attained a production rate in excess of 1,500 barrel of oil equivalent per day (BOED) on May 13"


"June 27, 2008: 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"

In fact , assuming that June's non-PV and non-Moffat production was at least similar to April's and May's .... it's hard to see where any revenues from PV/Moffat 'C' wells are showing up at all?

What am I missing? Anybody?

All I can think of is the following:

We know from previous 8-K's that TIV hasn't sold their oil/gas at anywhere near the closing prices shown at the two links above. So maybe their actual revenues for April and May were much lower than what I estimated above , leaving more revenues to be applied to June , thus leaving some room for some PV or Moffat 'C' wells revenues?

JMO

jonesie